Which of the following statements is true about Fund Balance classifications for the governmental funds?
A. An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose.
B. A restricted fund balance is for monies the governing board has appropriated.
C. A nonspendable fund balance is designated only for the balance of permanent funds.
D. An unassigned fund balance has no restriction for use of the money and is normally applicable to the general Fund.
E. A committed fund balance has been designated by an outside party for a particular use.
Answer: D
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