The Following Information Was Obtained from the General Fund Balance

question 47

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:

Opportunity

In business, an opportunity refers to a favorable situation or circumstance that can be leveraged for potential growth or profit.

Internal Users

Individuals within an organization who use accounting information for decision-making purposes, such as managers and employees.

Limited Access

A restriction or control on the entry to or use of resources, facilities, or information.

Balance Sheet

A summary of a corporation's financial status, including assets, liabilities, and shareholders' equity, at a specific time.