Which of the following is the fund balance that provides the balance for all current financial resources that must be used in a designated fashion as specified by a party outside of the government: • A. Nonspendable. • B. Restricted. • C. committed. • D. assigned.
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I need help with Part C. Prepare Croton's financial statement reconciliations - the funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities. NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. Reconciliation of funds balance sheet to government-wide statement of net position ($ in 000): Total fund balance, fund balance sheet Answer Amounts reported in statement of net position are different because: - Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. - Bonds payable are not due and payable in the current period and therefore are not reported in the funds. - A portion of the revenues is not available to pay for current period expenditures and therefore is deferred in the funds. - Certain expenses (interest, vacation pay) are not due and payable in the current period and therefore are not reported as fund liabilities. Net position of governmental activities Answer
Classify the following items as (1) on-balance-sheet assets, (2) on-balance-sheet llabilities, (3) off-balance-sheet assets, (4) off-balance-sheet liabilitles, (5) capital account, or (6) none of the above. a. Loan commitments. b. Written option contract on interest rates. c. Letter of credit. d. Retained earnings. e. Purchased option contract on interest rates. f. Loan sales without recourse. g. Loan sales with recourse. h. Forward contracts to purchase. 1. Forward contracts to sell. j. Swaps. k. Loan participations. 1. Securities borrowed. m. Securities lent. n. Loss adjustment expense account (PC insurers). o. Net policy reserves.
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