Hannah County has a total fund balance in the General Fund as of ...

[leilurhhh]

Hannah County has a total fund balance in the General Fund as of the end of the year of 1,565,000 .
 
  Assume the following:
   The budget officer has indicated there is 405,000 available for appropriation that has not been restricted or designated.
   Unspent drug enforcement grant proceeds remained of 75,000
   Outstanding purchase orders totaled  41,000
   The county's governing board has earmarked 500,000 for anticipated increases in liability insurance premiums.
 
  In the year-end financial statements, Hannah County would report reserved fund balance and unreserved fund balance, respectively, in the General Fund as  75,000 reserved fund balance; 405,000 unreserved fund balance
  a. 575,000 reserved fund balance; 405,000 unreserved fund balance
  b. 116,000 reserved fund balance; 905,000 unreserved fund balance
  c. 116,000 reserved fund balance; 405,000 unreserved fund balance
  d. 616,000 reserved fund balance; 405,000 unreserved fund balance

Question 2

Goods purchased on account for future use in the business, such as supplies, are called
 a. prepaid liabilities
  b. revenues
  c. prepaid expenses
  d. liabilities

[vickybb89]

Answer to Question 1

B

Answer to Question 2

c

[leilurhhh]

Correct answers!

[vickybb89]

Great! Please up vote