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7 Cards in this Set
- Front
- Back
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Nonspendable |
Fund balance includes amounts that are not in spendable form or are legally or contractually required to be maintained intact. |
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Restricted |
Fund balance includes amounts constrained for specific purposes by external parties, through constitutional provisions or by enabling legislation. |
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Committed |
Fund balance includes amounts constrained for specific purposes determined and adopted by a formal action by the highest decision-making authority of the government itself. |
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Assigned |
Fund balance includes amounts a government explicitly intends to use for specific purposes. |
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Unassigned |
Fund balance is the residual classification for the general fund and comprises all amounts not included in the other classifications. |
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Examples of nonspendable funds |
Those items that are not expected to be converted to cash: - Inventory - Prepaid amounts - Deferred outflows of resources - Long-term portion of loans and notes receivable - Property acquired for resale - Endowment fund principal |
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Committed funds details |
Can only be used for specific purposes pursuant to constraints imposed by formal action of the government's highest level decision making authority. Commitments cannot be lifted unless undone by taking the same formal action that originally imposed the constraint. |
