Assume That a Debt Service Fund Does Not Have Nonspendable

question 28

Multiple Choice

Assume that a Debt Service Fund does not have nonspendable fund balance. Further assume that after restricted and committed levels of fund balance have properly identified, the remaining balance is a deficit. This deficit fund balance should

• A) Be reported as negative assigned fund balance.
• B) Be reported as a negative unassigned fund balance.
• C) Be reported as a negative nonspendable fund balance.
• D) Be netted against the positive committed fund balance.

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Definitions:

16 Oz

A unit of weight or volume in the Imperial and U.S. customary systems, equivalent to one pound or about 0.473 liters.

Centi-

A prefix used in the metric system denoting a factor of one hundredth (1/100) of a unit.

0.01

A numerical value representing one hundredth, often used in statistics, measurements, and as a decimal in mathematical calculations.

Product

The result of multiplying two numbers together.