At the End of the 2017 Fiscal Year the General

question 70

Multiple Choice

At the end of the 2017 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2018.In 2018 the encumbered goods were received at an invoiced cost of $520.How much would be recorded as the 2018 expenditure?

• A) $0.
• B) $20.
• C) $500.
• D) $520.

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Definitions:

Consumption

The employment of goods and services within home environments.

Income

Monetary payment received for work or through investments.

Interest Rate

The fraction of a loan that incurs interest costs for the borrower, usually described as an annual percentage rate.

Utility Function

A mathematical representation of how a consumer's satisfaction or preference for goods and services is dependent on their consumption levels.