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The Fire Department of a Given City Received an Appropriation

question 87

Multiple Choice

The Fire Department of a given city received an appropriation in the amount of $14,000,000 for the fiscal year ended June 30,2014.During the month ended July 31,2013,the following transactions occurred: (a) purchase orders were issued in the amount of $650,000; (b) purchase orders,related to (a) above,were filled in the amount of $610,000; the related invoice amount was $595,000; invoices were paid in the amount of $550,000; (c) salaries were accrued and paid in the amount of $600,000.The balance available for the fire department as of July 31,2013 is:

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Compare and contrast IFRS and GAAP in relation to inventory accounting practices.

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