Author Question: Jones Co takes a physical inventory count of their merchandise each year in order to update the ... (Read 123 times)

MGLQZ · **on:** Jul 6, 2018

Jones Co takes a physical inventory count of their merchandise each year in order to update the inventory value. This is an example of a(n):
a. Perpetual Inventory System
b. Periodic Inventory System
c. Re-evaluation Inventory System
d. Adjusting Inventory System

Question 2

The county received a 1,500,000 restricted grant from the state government to be used to improve its public safety department's communication systems. The county has met all eligibility requirements of the grant.

In the current year, the General Fund should report this grant as
a. other financing sources.
b. deferred revenues.
c. revenues.
d. None of the above