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The Following Information Was Obtained from the General Fund Balance

question 47

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The following information was obtained from the general fund balance sheet of Lima Village on June 30, 20X9, the close of its fiscal year: 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 On June 30, 20X9, what was Lima's unassigned fund balance in its general fund?


Definitions:

Lease Liability

A financial obligation representing future lease payments owed by a lessee under a lease agreement.

Introductory Section

The initial part of a financial report or document that outlines its scope, purpose, and structure.

CAFR

Comprehensive Annual Financial Report, a detailed financial report used by governments to provide a complete overview of their financial status, including revenues, expenditures, and debt.

Capitalize

The process of recording an expenditure as an asset on the balance sheet, rather than an expense on the income statement, to spread the cost over the asset's useful life.

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