Which of the Following Accounts Are Used to Display the Difference

question 34

Multiple Choice

Which of the following accounts are used to display the difference between assets and liabilities in a federal agency Balance Sheet?

• A) Unrestricted Net Assets, Restricted Net Assets, and Invested in Capital Assets Net of Related Debt.
• B) Unassigned, assigned, committed, restricted and nonspendable fund balance.
• C) Unexpended Appropriations and Cumulative Results of Operations
• D) Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets

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Definitions:

Abandoned Contract

A contract that is no longer active because all parties have ceased to perform their obligations.

Quantum Meruit

A Latin term meaning "as much as he has earned," used in legal context to denote compensation deserved for services or work done when no contract exists.

Substantial Performance

A legal concept that a contract has been completed enough to fulfill its purpose, even if all details have not been precisely met.

Anticipatory Breach

A situation in contract law where one party indicates in advance that they will not fulfill their contractual obligations.