Author Question: The most important output of the accounting cycle is the financial statements. a. True b. False ... (Read 41 times)

BRWH · **on:** Jul 5, 2018

The most important output of the accounting cycle is the financial statements.
a. True
b. False

Indicate whether the statement is true or false

Question 2

The city council appropriates a portion of the government's current year-end fund balance to eliminate an anticipated budget deficit in next year's budget. Projected expenditures are anticipated to be greater than expected revenues next year.

The appropriated portion of the current year's fund balance should be reported as:
a. unassigned fund balance
b. assigned fund balance
c. committed fund balance
d. restricted fund balance
e. nonspendable fund balance