According to GASB, which of the following statements is correct regarding committed funds?
A. These constraints are easily changed by administrators.
B. Committed funds are those that are designated as committed through ordinance or resolution by the government's highest level of authority.
C. Committed funds may be redesignated to uncommitted in the event of a budget shortfall.
D. This is constraint is imposed by law and may not be changed without amendment of the law.
Answer: B
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Which statement is correct?
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What will be an ideal response?