On May 1, the City of Dustin Was Notified of Approval

question 89

Multiple Choice

On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:

• A) A credit to Revenues in the amount of $300,000.
• B) A credit to Deferred Inflows of Resources-Grant Proceeds in the amount of $300,000.
• C) A debit to Grants Receivable in the amount of $300,000.
• D) No journal entry will be made until expenditures for the authorized purpose occur.

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Definitions:

Scores Ranged

Refers to the variation or spread of numerical data points, often used in the context of standardized tests or assessments.

Midterm Exam

A test given around the middle of an academic term to assess students' knowledge and understanding of the course material up to that point.

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers together and then dividing by the count of those numbers.

Median

A statistical measure representing the middle value in a dataset, dividing it into two equal halves.