Author Question: Assume that in the same fiscal year, an Enterprise fund receives a 100,000 capital grant and uses ... (Read 42 times)

drink · **on:** Jul 6, 2018

Assume that in the same fiscal year, an Enterprise fund receives a 100,000 capital grant and uses the funds to partially finance the purchase of a 175,000 capital asset. The Enterprise Fund will report

a. revenues of 100,000 and expenses of 175,000
b. revenues of 100,000 and capital assets of 175,000
c. nonoperating revenues of 100,000, expenses of 75,000 and capital assets of 100,000
d. capital contributions of 100,000 and expenses of 175,000
e. capital contributions of 100,000 and capital assets of 175,000

Question 2

The inventory system that makes an adjustment to the Merchandise Inventory account only when an actual physical inventory is taken
a. Physical Inventory Method
b. Periodic Inventory System
c. Perpetual Inventory System
d. Count of Stock Method