Match the Following Fund Balance Descriptions for a General Fund

question 14

Essay

Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance.Each classification may be used more than once.
A.Nonspendable Fund Balance
B.Restricted Fund Balance
C.Committed Fund Balance
D.Assigned Fund Balance
E.Unassigned Fund Balance
________ 1.Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority.
________ 2.Amounts can only be spent for the specific purposes stipulated by constitution,external resource provider or enabling legislation.
________ 3.Residual classification of funds for the General Fund.
________ 4.Dollar amount of Ending Inventory.
________ 5.Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed.
________ 6.Dollar amount of endowment principal.

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Definitions:

Growth Industry

A growth industry is a sector of the economy experiencing above-average growth compared to other sectors, often driven by technological innovations or consumer demand.

Managerial Discretion

The freedom and authority granted to managers to make decisions and take actions on behalf of the organization.

Monopoly

A market structure characterized by a single seller dominating the entire market for a particular good or service.

Direct Competition

The rivalry between businesses or entities that offer identical or highly similar goods or services to the same customer base.