Campbell County Uses the Consumption Method to Record All Inventories

question 63

Multiple Choice

Campbell County uses the consumption method to record all inventories and prepayments. The County has a 9/30 fiscal year-end. On April 1, 2018, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 9/30/18 would be

• A) $400,000.
• B) $300,000.
• C) $200,000.
• D) $100,000.

---

Definitions:

Misremember

The act of incorrectly recalling or reporting past events or information.

Schemas

Cognitive frameworks or blueprints that help in organizing and interpreting information from the environment.

Mass Media Biases

The tendency of mass media to present information in a way that reflects a particular perspective, bias, or prejudice.

Gut Feelings

Intuitive judgments or responses that are not the result of conscious reasoning.