A debit is abbreviated as Db and a credit is abbreviated as Cr.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Assume that a government purchases 85,000 of inventory for the General Fund during the year. The General Fund began the year with an inventory balance of 15,000 and ended the year with a balance of 35,000 .
The General Fund uses the consumption method of inventory accounting and a perpetual inventory system. The General Fund should report
A. Expenditures of 85,000 for the year.
B. Expenditures of 65,000 for the year.
C. Other financing source of 20,000 for the year.
D. Other financing use of 20,000 for the year.
