The Following Information Was Obtained from the General Fund Balance

question 24

Multiple Choice

The following information was obtained from the general fund balance sheet of Lima Village on June 30,20X9,the close of its fiscal year:

On June 30,20X9,what was Lima's unassigned fund balance in its general fund?

• A) $84,000
• B) $44,000
• C) $34,000
• D) $24,000

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Definitions:

Domestic Investment

Financial investments within a country's borders, including purchases of property, plants, and equipment.

Government Deficit

A scenario in which a government spends more than it earns over a certain timeframe, usually resulting in the need to borrow funds.

Government Budget Deficit

A financial situation where a government's expenditures exceed its revenues in a given fiscal period, leading to borrowing or debt accumulation.

Political Reforms

Changes introduced to the political system of a country or region aimed at improving governance, enhancing democracy, and addressing flaws in the existing structure.