Board-designated funds area. not available unless the board of directors removes the restrictions.b. unrestricted net assets.c. not available for current operating use; however, the income earned on the funds is available.d. restricted as to use only for board-designated purposes.

All of the following statements are true concerning the conversion of governmental funds to governmental activities except a. Depreciation expenditure reported in governmental funds simply becomes depreciation expense in governmental activities. b. A decrease in the long-term liability for compensated absences will result in expenses of various functions at the government-wide level being less than expenditures at the governmental fund level. c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government's capitalization threshold policy, capital outlay expenditures simply become additions to capital assets. d. Bonds payable are not reported in the governmental funds financial statem

Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all. Transaction Answer 1. Legally restricted gains. 2. Expenses reported by functional classification. 3. Contributions of services that do not create or enhance nonfinancial assets or require special skills. 4. Costs of collection items not capitalized by the NFP. 5. Board-designated endowment. 6. Expenses reported by natural classification. 7. Conditional promise to give if the barrier has not been overcome. 8. Unconditional promises to give cash with amounts due in future periods. 9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset. 10. Investment return on a donor-restricted

please explain why the option is correct and remainings are incorrect

Need correct answer.with explanation

Which of the following funds accounts for legally restricted resources for which only the earnings may be used for some public purpose?   Capital projects fund   Special revenue fund   Private purpose trust fund   Permanent fund   None of these

All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. a. True O b. False