Author Question: A county uses the consumption method to account for General Fund materials and supplies. The ... (Read 76 times)

tingc95 · **on:** Jul 5, 2018

A county uses the consumption method to account for General Fund materials and supplies. The beginning inventory of materials and supplies was 122,000 . The ending inventory was 150,000 .

The beginning balance of reserve for encumbrances (for supplies ordered but not received at the beginning of the year) was 50,000; the ending balance was 20,000 . Supplies purchased during the year totaled 750,000 . The county General Fund should report expenditures for materials and supplies for the year of
A. 722,000.
B. 750,000.
C. 752,000.
D. 780,000.

Question 2

The degree to which information includes data about every relevant object or event necessary to make a decision is
a. accuracy
b. completeness
c. neutrality
d. comparability