The Following Information Was Obtained from the General Fund Balance

question 47

Multiple Choice

The following information was obtained from the general fund balance sheet of Lima Village on June 30, 20X9, the close of its fiscal year: On June 30, 20X9, what was Lima's unassigned fund balance in its general fund?

• A) $84,000
• B) $44,000
• C) $34,000
• D) $24,000

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Definitions:

Disposable Income

The amount of money individuals or households have to spend or save after income taxes have been deducted.

Discretionary Income

The amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food, shelter) are taken care of.

Gross Income

The total revenue generated from a business's activities or an individual's earnings before any deductions are made for expenses, taxes, or other reductions.

Discretionary Income

Discretionary income is the amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food, shelter) are taken care of.