Author Question: Unassigned fund balance cannot be described as A. The residual fund balance that remains after ... (Read 96 times)

mckennatimberlake · **on:** Jul 6, 2018

Unassigned fund balance cannot be described as

A. The residual fund balance that remains after accounting for nonspendable fund balance, restricted fund balance, committed fund balance, and assigned fund balance.
B. A fund balance category that is used to report positive and negative balances in any governmental fund.
C. The amount of governmental fund net assets with no constraints on their use.
D. A fund balance category that is used to report positive and negative balances in the General Fund, but only negative balances in other governmental funds.

Question 2

Land would appear on the balance sheet as
a. a current asset.
b. a current liability.
c. part of property and equipment.
d. a long-term liability.
e. either a current asset or a current liability.