Shoshone County Uses the Consumption Method to Account for Supplies

question 70

Multiple Choice

Shoshone County uses the consumption method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $450,000 of supplies for use by activities accounted for in the general fund. The city used $300,000 of those supplies during the year. At fiscal year-end, the appropriate account balances on the general fund financial statements would be

• A) Expenditures $450,000; Supplies inventory $150,000.
• B) Expenditures $450,000; Supplies inventory $0.
• C) Expenditures $300,000; Supplies inventory $150,000.
• D) Expenditures $300,000; Supplies inventory $0.

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Definitions:

Family Therapy

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A form of psychotherapy that aims to resolve issues affecting the health and functioning of a family through therapeutic interventions involving multiple family members.

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