A special revenue fund reports total assets of$400,000 and total liabilities of $375,000. Itreports these fund balance categories:Nonspendable, $12,000, and restricted, $15,000.What other fund balance category is reported?Select one:A. Unassigned, $(2,000)B. Committed, $(2,000)C. Assigned, $(2,000)D. Restricted fund balance is reduced by $2,000.Which one of these capital projects fundaccounts is closed at year-end?Select one:A. Accounts payableB. Due from general fundC. Deferred outlays of resourcesD. Capital outlay

A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one:

A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

A special revenue fund reports total assets of
$400,000 and total liabilities of $375,000. It
reports these fund balance categories:
Nonspendable, $12,000, and restricted, $15,000.
What other fund balance category is reported?
Select one:
A. Unassigned, $(2,000)
B. Committed, $(2,000)
C. Assigned, $(2,000)
D. Restricted fund balance is reduced by $2,000.
Which one of these capital projects fund
accounts is closed at year-end?
Select one:
A. Accounts payable
B. Due from general fund
C. Deferred outlays of resources
D. Capital outlay

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