In the context of financial reporting, the term fund balance is used to describe the net position of governmental funds calculated in accordance with generally ...

Identify general ledger and subsidiary ledger accounts. • Define fund balance in relation to GL/SL accounts. • Identify when to do fund balance transfers.

The first is that a fund balance is the life-to-date net worth of a fund, measured by total assets minus total liabilities. A budget balance, on the other hand, ...

The Account Beginning Balance = The Account Ending Balance as of end of the previous fiscal year + Prior year's Net Surplus/Deficit (Revenues-Expenses)

" The calculation for fund equity may be reduced to a mathematical equation written as: Assets — Liabilities = Fund Balance. The fund balance of the General ...

Fund balance and net assets are the difference between fund assets and liabilities reflected on the balance sheet or statement of net assets.

Fund balance represents the available resources of the fund as of a certain point. In this chapter, we report fund balance at the end of each fiscal year.

You take the starting balance (end of the prior year), add revenues and subtract expenses. Thus, if you spent more than you take in, fund balance decreases.

On the Income Statement - Fund Balance is comprised of the Excess (Deficiency) of Revenues Over Expenditures for the Fiscal Year combined with the Beginning ...