Under the Consumption Method for Recording Supplies That Are Maintained

question 67

Multiple Choice

Under the consumption method for recording supplies that are maintained on a perpetual inventory system, the adjusting entry made at year end would affect which of the following accounts?

• A) Fund Balance-Nonspendable-Inventory of Supplies.
• B) Fund Balance-Restricted-Inventory of Supplies.
• C) Expenditures.
• D) Inventory of Supplies.

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Definitions:

Cultural Knowledge

Knowledge about the practices, beliefs, values, norms, and artifacts of a group that are passed down from generation to generation.

Vygotsky

Lev Vygotsky, a Russian psychologist, known for his work in cognitive development, particularly the concept of the zone of proximal development and the importance of sociocultural influences on learning.

Social Learning Theory

A theory that proposes individuals learn behaviors, norms, and values by observing and imitating others, especially those seen as role models.

Observing

The act of carefully watching and analyzing behaviors, events, or phenomena to gain information or understanding.