The General Fund Had the Following Transactions During the Month

question 28

Multiple Choice

The General Fund had the following transactions during the month of June: (1) took delivery of 10 new patrol cars that had been ordered and encumbered the previous month - the total costs were $270,000; (2) issued purchase orders totaling $25,000 for various supplies; (3) issued payroll checks in the amount of $110,000; and (4) various other short term liabilities were incurred in the amount of $1,500. Expenditures in the General Fund for the month of June would be

• A) $381,500.
• B) $136,500.
• C) $111,150.
• D) $25,000.

Recognize and define plant assets, including their characteristics and role in business operations.

Identify and apply changes in accounting estimates and their effects on financial statements.

Calculate depreciation expenses using different methods, including the impact of changes in asset estimates (useful life and salvage value).

Analyze the concepts of asset inadequacy, obsolescence, and the factors influencing these conditions.

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Definitions:

Pay Flexibility

The ability of employers to adjust wages based on market conditions, performance, or other factors.

Procedural Flexibility

The ability to adapt the processes and methods used in various situations, allowing for adjustments based on specific circumstances.

Labor-Management Cooperation

Describes initiatives and practices aimed at fostering collaborative relationships between employers and their workers to improve productivity and workplace harmony.

Labor-Management Partnership

Collaborative relationships between employers and labor unions aimed at improving workplace efficiency, productivity, and worker satisfaction.