The following information was obtained from the general fund balance sheet of Lima Village on June 30,2009,the close of its fiscal year: On June 30,2009,what was Lima's unreserved fund balance in its general fund?
A)$84,000
B)$44,000
C)$34,000
D)$24,000

Question

Quizplus · Accepted Answer

The unreserved fund balance can be calculated as total fund balance minus amounts restricted for specific purposes. In this case, the total fund balance is $84,000 and there are $50,000 of amounts restricted for specific purposes. Therefore, the unreserved fund balance is $34,000 (option C).

The Following Information Was Obtained from the General Fund Balance