For Each of the Following Scenarios, Indicate How They Would

question 16

Essay

For each of the following scenarios, indicate how they would be classified for fund balance reporting purposes using the classification list.
A. Nonspendable
B. Restricted
C. Committed
D. Assigned
E. Unassigned
________ 1. Bond proceeds of $15,000,000 that must be used for construction of a fire substation remain unspent at the end of the fiscal year.
________ 2. Prepaid rent of $6,000 remains at the end of the fiscal year.
________ 3. The city council adopted a plan to set aside 2% of revenues over the next three years to help build cash reserves. At the end of the fiscal year 2% of the revenues were set aside.
________ 4. The state transportation department provided $1,000,000 in state funds to be used for street widening. At the end of the fiscal year $750,000 remained unspent.
________ 5. The county received a $3,000,000 endowment during the year.

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Definitions:

Middle School

An educational institution catering to students typically in the adolescent age range, bridging elementary and high school education.

Best Friend

A person who shares a significantly close and trustful relationship with another, often characterized by mutual support, loyalty, and affection.

Self-Esteem

An individual's introspective judgment on their personal value or merit.

Affection

A feeling of fondness or tenderness toward someone or something, often demonstrated through physical closeness or touching.