Blue Ridge Township Uses the Consumption Method of Accounting for Its

question 55

Multiple Choice

Blue Ridge Township uses the consumption method of accounting for its inventory of supplies.On the December 31,20X7 balance sheet for the general fund,the township reported $10,000 of supplies inventory.During 20X8,expenditures for supplies amounted to $40,000,and,at December 31,20X8,unused supplies totaled $7,000.In the adjusting entry for supplies at December 31,20X8,

• A)Expenditures should be credited for $3,000.
• B)Expenditures should be debited for $3,000.
• C)Fund Balance-Nonspendable should be debited for $7,000.
• D)Fund Balance-Nonspendable should be credited for $7,000.

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Definitions:

Negatively Charged Carbon

Refers to a carbon atom that has gained an extra electron, resulting in a negative charge; often involved in organic reactions.

Humanbecoming Method

A nursing theory by Rosemarie Rizzo Parse focusing on the human experience of health as a process of becoming, laying emphasis on quality of life from each person's own perspective.

Therapeutic Touch Method

A healing approach based on the idea that human beings are fields of energy that can be affected through the "touch" or manipulation of a practitioner's hands to promote health and healing.

Pattern Appreciation Method

A systematic approach to recognizing patterns, trends, or regularities in data or behaviors.