The following is from the governmental funds balance sheet section of the Town of Libertyville's Comprehensive Annual
Question:
1. What is the most likely reason that there are no unassigned balances in any of the funds other than the general fund?
2. Of the balance in the debt service fund, a portion is classified as "restricted," and a portion is classified as "assigned." What parties or entities likely "restricted" and "assigned" the resources, respectively?
3. Of the balance in the capital projects fund, a portion is classified as "restricted," and a portion is classified as "committed." What parties or entities likely "restricted" and "committed" the resources, respectively?
4. Why is inventory classified as "non-spendable?"
5. If Libertyville were to establish a Permanent Fund, how would the town classify most of its fund balance?
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith