Which of the following statements is correct? Multiple Choice Fund balance represents the legal claim property...

Which of the following statements is correct? Multiple Choice Fund balance represents the legal claim property owners and voters have on the excess of fund assets over liabilities. Fund balance is analogous to the capital account of an investor-owned business. Fund balance classifications are nonspendable, spendable, assigned, and unassigned. Unassigned Fund balance represents the net resources of the fund that are currently available for future spending.

Expert Solution

Answer:

The correct answer is Option A (Fund balance represents the legal claim property owners and voters have on the excess of fund assets over liabilities).

Explanation:

Fund balance isn't similar to ( comparable) to capital account of investor possessed business . It is a lingering or residual portion of assets over liabilities.
Fund balance classifications are non spendable, limited or restricted, submitted, assigned, unassigned.
Unassigned fund balance doesn't represent to reserves or funds accessible for future spending. Rather fund balance represents to reserves accessible for future spending.

Fund balance represents to the overabundance of assets over liabilities on which lawful case of proprietor is there.Therefore in the given statements Fund balance represents the legal claim property owners and voters have on the excess of fund assets over liabilities is correct.

ekkarill92 answered 2 years ago

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