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Which of the following statements is NOT correct? A. ...

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Question

Accounting

Which of the following statements is NOT correct?

A.

Rainy day amounts that are available in emergencies or in periods of revenue shortfalls would not be classified as committed unless the emergency or shortfall condition is specified and of a magnitude to distinguish it from events that occur routinely.
B.

Resources in the General Fund may be assigned to a specific purpose if that is the intent of the government.
C.

Governments should not report assigned fund balance amounts if the assignment for specific purpose results in a negative unassigned fund balance.
D.

Assigned resources differ from committed in that assigned resources require a formal action by the governing body of the government.

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