Multiple Choice
According to GASB Statement No.54 which of the following statements is not true regarding assigned funds?
A) Assigned fund balances represent governmental resources that the government intends to use for a specific purpose such as a debt service fund.
B) Constraints on assigned resources are more easily changed than committed funds.
C) For governmental funds other than the General Fund, this is the category for all positive residual fund balances.
D) This is the only fund balance that can be negative
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Outstanding encumbrance of $80,000 for the purchase
Q43: Wages that have been earned by the
Q47: All of the following are budgetary accounts
Q48: An example of an imposed nonexchange revenue
Q73: With respect to budgetary reporting by governments,
Q80: Net resources of a governmental fund represented
Q111: The Township of Thomasville's General Fund has
Q113: According to GASB Statement No.54 which of
Q129: Under modified accrual accounting, property tax revenue
Q147: When using modified accrual accounting, revenues should