Sister City Was Notified by the State That It Has

question 22

Multiple Choice

Sister City was notified by the state that it has been awarded a $5 million grant to aid in the construction of a senior citizens center. At the time of the notification what is the appropriate entry in the capital projects fund? Assume that the city has met all eligibility requirements and maintains its books and records in a manner to facilitate the preparation of fund financial statements.

• A) No entry at the time of the notification.
• B) Debit Grants receivable $5 million; Credit Revenue $5 million.
• C) Debit Grants receivable $5 million; Credit Deferred inflow of resources $5 million.
• D) Debit Grants receivable $5 million; credit Other financing sources-nonreciprocal transfer-in $5 million.

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Definitions:

Hippocampus

A region of the brain that is critical for memory formation, learning, and spatial navigation.

Amygdala

A region of the brain that plays a key role in processing emotions, particularly fear and aggression.

Hypothalamus

A crucial region of the brain responsible for the regulation of many bodily functions, including temperature, hunger, thirst, and the release of hormones from the pituitary gland.

Magnetic Resonance Imaging

A noninvasive medical imaging technique used to visualize detailed internal structures, utilizing a powerful magnetic field and radio waves.