Question: Under GASB Statement No. 54, what is the hierarchy classification of fund balances? a. Spendable, unrestricted, committed, assigned, unassigned b. Nonspendable, restricted, committed, assigned, unassigned

Under GASB Statement No. 54, what is the hierarchy classification of fund balances?

a. Spendable, unrestricted, committed, assigned, unassigned

b. Nonspendable, restricted, committed, assigned, unassigned

c. Nonspendable, unrestricted, committed, assigned, unassigned

d. Spendable, restricted, uncommitted, assigned, unassigned

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

chap 1 - Government & NOT-FOR-PROFIT Accounting, Michael H. Granof & Saleha B. Khumawala C&P 8th Ed. Financial statements of a government or not-for-profit organization may not provide sufficient...

Q:

why are the answer 1.a 2. c 4. d 5. c 6. a 7. a 9. a 10. c. please explain in detail. Select the best answer L Oak Township issued the following bonds during the year: $3,000,000 Bonds to acquire...

Q:

EX. 2-2 Select the best answer Ouk Townshijp issued the following bonds during the year $3.000.000 Bonds to acquire equipment for a vehicle repair service that is accounted for in an s8.000.000...

Q:

Under GASB Statement No. 54, what is the hierarchy classification of fund balances? a. Spendable, unrestricted, committed, assigned, unassigned b. Nonspendable, restricted, committed, assigned,...

Q:

Name 36. Of the following types of funds, which one would account for fixed assets like a "for-profit organization? a. Enterprise Fund. b. General Fund. c. Internal Service Fund. d. Investment Trust...

Q:

1. Oak Township issued the following bonds during the year: Bonds to acquire equipment for a vehicle repair service that is accounted for in an internal service fund . $3,000,000 Bonds to construct a...

Q:

I have attached three documents. I am working on a group case and I am stuck on the highlighted memo part. How do I proceed with the memo. Please assist. How should this part be written without being...

Q:

I. Title: Assistant Controller in Your Home Town Prepare fund financial statements for a city, state or county government. II. Introduction: Governments have much in common with businesses; however,...

Q:

I have attached three documents. I am working on a group case and I am stuck on the highlighted memo part. How do I proceed with the memo. Please assist. How should this part be written without being...

Q:

Proprietary fund net position must be reported in which types of components? A. Statement of revenues, expenditures, and changes in fund balances B. nonspendable; restricted, committed, assigned, and...

Q:

232 trout in Center Hill Lake were tested for a particular genetic defect which causes the dorsal fin to be slightly bent. 13 of the trout caught were found to have this genetic defect Give the LOWER...

Q:

Test: QUIZ ACC 117 CH 19-20 SU 2016 Time Remaining: 1:47:28 Email Instructor Questions b Multiple Choice 20-016 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. O O O 00 Which of the following statements...

Q:

If $ 8 0 0 is irrested in an account that pays 4 % compounded annually, the total amount, A ( 0 ) , in the account after t years is A ( t ) = 3 0 0 ( 1 . 0 4 ) t . a . Find the average tate of change...

Q:

A windmill, such as that in the opening photograph of this chapter, turns in response to a force of high-speed air resistance, R = D/Av2. The power available is P = Rv = Dpur2v3, where v is the wind...

Q:

In Figure a small block of mass m = 0.032 kg can slide along the frictionless loop-the loop, with loop radius R = 12 cm. The block is released from rest at point P, at height h = 5.0R above the...

Q:

Consider the water heater described in Problem 1.37. We now wish to determine the energy needed to compensate for heat losses incurred while the water is prescribed temperature of 55C. The...

Q:

A gas contains 80.0wt% propane. 15.0 wt% n-butane and the balance water (a) Calculate the molar composition of this gas on both a wet and a dry basis and the ratio (mol H2O/mol dry gas). (b) If 100...

Q:

A stream of air enters a 7.50-cm ID pipe at a velocity of 60.0 m/s at 27C and 1.80 bar (gauge). At a point downstream, the air flows through a 5.00 cm ID pipe at 60C and 1.53bar (gauge). What is the...

Q:

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

Q:

13. Think about a relationship conflict you have had in your workplace or home situation. Try to interpret the conflict from the following logical levels: a. Purpose b. Role c. Values d. Competence...

Q:

7. Imagine a communication situation in a work context or in the home situation that has made a big impression on you, positively or negatively. a. Examine now i. your own intentions ii. what you...

Q:

Personal role: This consists of service to family and friends.