Author Question: The city's governing body gives the city's finance director the authority to set aside excess ... (Read 49 times)

lb_gilbert · **on:** Jul 5, 2018

The city's governing body gives the city's finance director the authority to set aside excess amounts in the General Fund to provide funds to build a new fire station.

The finance director sets aside 200,000 for that purpose during the current fiscal year. This should be reported as part of:
a. unassigned fund balance
b. assigned fund balance
c. committed fund balance
d. restricted fund balance
e. nonspendable fund balance

Question 2

Equity accounts normally have debit balances.
a. True
b. False
Indicate whether the statement is true or false