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The following are GASB’s fund balance classifications. Define and give an example of each: Non-spendable, Restricted, Committed, Assigned, and Unassigned.
Define and give an example of each of GASB's fund balance classifications- Non Spendable, Restricted, Committed, Assigned, and Unassigned
Non spendable funds contains that amount which cannot be spent due to its form and Nature like inventories and prepaid expense i.e. we cannot spend prepaid expense hence it is non spendable . Also it includes that amount that must be maintained or intact legally or contractually like corpus of a permanent fund.
2 . Restricted fund balance = it includes the amount which is constrained for specific purpose by external parties, constitutional provision or enabling legislation. For eg. Weed control future truck equipment purchase.
3 . Committed find balance = it includes amount constrained for specific purpose by a government using its highest level of decision making authority. It would require action by the same group to remain or change the constraint placed on the resources. For eg : loans to volunteer fire companies, medical claims reserve etc.
4. Assigned funds = for all governmental funds other than the general funds, any remaining positive amount not classified aa non spendable, committed or restricted must be classified under assigned funds. Further, for general funds , amount constrained with the intent to use it for a specific purpose by a governing board or body that has been delegated authority to assign amounts. For eg : encumbrances
5 . Unassigned fund balance = in case of general funds, amount not classified as non spendable, restricted, committed or assigned is to be classified under unassigned fund. Note that general fund is the only fund that would report a positive amount in unassigned fund balance.for all government funds other than general funds amount expended in excess of resources that are non spendable , restricted, committed or assigned . For eg : workers compensation claim reserve, stabilization fund etc.
The following are GASB’s fund balance classifications. Define and give an example of each: Non-spendable, Restricted,...
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The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...
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