Which of the following is incorrect with respect to fund balances? Multiple Choice Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law. Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority. Only unassigned fund balances may have a negative balance. Inventory and prepaid items are classified as nonspendable fund balances..

It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…

Answered: Which of the following is incorrect…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is incorrect with respect to fund balances?

Multiple Choice

Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law.
Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority.
Only unassigned fund balances may have a negative balance.
Inventory and prepaid items are classified as nonspendable fund balances..

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