What Account Is Debited in the General Fund When Equipment

question 42

Multiple Choice

What account is debited in the general fund when equipment is received by a governmental entity?

• A) Expenditures.
• B) Encumbrances.
• C) Plant assets.
• D) Accounts Payable.
• E) Fund Balance-Reserve for Encumbrances.

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Definitions:

Cost Formulas

Cost formulas are mathematical equations used to calculate and analyze the costs associated with producing goods or providing services, including fixed, variable, and mixed costs.

Administrative Expenses

Costs related to the general operation of a company, including salaries of senior executives, accounting, and human resources.

Patient-Visits

A metric used in healthcare to quantify the number of encounters a patient has with healthcare professionals.

Spending Variance

A financial metric indicating the difference between budgeted and actual spending, especially concerning variable costs.