Which of the Following Statements Is True About Fund Balance

question 33

Multiple Choice

Which of the following statements is true about Fund Balance classifications for the governmental funds?

• A) A restricted fund balance is for monies the governing board has appropriated.
• B) An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose.
• C) An unassigned fund balance has no restriction for use of the money and is normally applicable to the general fund.
• D) A committed fund balance has been designated by an outside party for a particular use.
• E) A nonspendable fund balance is designated only for the balance of permanent funds.

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