Fund Based F/S 4

Question 1

Committed Funds

Answer 1

Assets that have been designated for a particular purpose—internally by the highest-level of decision-making authority

Question 2

Restricted Funds

Answer 2

designation of purpose is made by an outside party.

Question 3

Assigned Funds

Answer 3

decision about the asset’s use is made within the government but not by the highest-level of decision-making authority.

Question 4

Unassigned Funds

Answer 4

assets where no stipulation of the future use has been made.

Question 5

The term “interperiod equity”

Answer 5

refers to whether revenues and spending align each period.

Question 6

If revenues are higher (a surplus),

Answer 6

then money is carried forward to be used in future years.

Question 7

If spending is higher,

Answer 7

then a deficit occurs that must be paid for in the future.

Question 8

The budget entry

Answer 8

shows whether the budget is balanced or whether a surplus or deficit is projected.