The General Fund reported a beginning balance of inventory of materials and supplies of 122,000 . The ending balance was 150,000 . Supplies received during the year (purchases) totaled 600,000 . The county uses the purchases method.
The General Fund should report expenditures for materials and supplies for the year of
A. 450,000.
B. 572,000.
C. 600,000.
D. 628,000.
Question 2
Debts that are due to be paid within one year or within the company's operating cycle are called
a. liquid liabilities.
b. current liabilities.
c. quick liabilities.
d. deferred liabilities.
e. long-term liabilities.
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