Governmental Accounting Final Exam

Front 1

Nonspendable Fund Balance

Back 1

The portion of the fund balance that is comprised of resources that are inherently nonspendable. Ex. The portion of net resources that cannot be spent b/c of their form or b/c they must be maintained in tact.

Front 2

Restricted Fund Balance

Back 2

The portion of the fund balance that is comprised of resources on which external bodies have placed enforceable use limitation.
The portion of net resources on which creditors, grantors, or laws or regluations of other gov't have placed use restrictions; or which enabling legislation or constitutional provisions have placed use restrictions.

Front 3

Committed Fund Balance

Back 3

The portion of fund balance that is comprised of resources that have been designated by the highest decision level of govt (e.g., mayor, town council, govenor), for specific uses. The restrictions can be removed by only the same level of govt. that placed the restriction. Ex: Capital Fund Projects.

Front 4

Assigned Fund Balance

Back 4

The portion of fund balance that is comprised of resources that management or other officials intend to use for specific purposes. Ex: most Debt Service Fund accts. Commonly, encumbrances of otherwise unassigned resources as well as resources set aside for intended purposes such as repayment of debt. This can be changed.

Front 5

Unassigned Fund Balance

Back 5

The residual net resources not otherwise fitting any other category above. Any fund deficit, regardless of type, is reported as Unassigned fund balance.