Due to an Error,the General Fund of Pueblo Did Not

question 43

Multiple Choice

Due to an error,the general fund of Pueblo did not record an encumbrance for police equipment which had been ordered but not received on June 30,20X9,the end of its fiscal year.Pueblo's outstanding encumbrances at year-end are nonlapsing.What was the effect of this error on the balance sheet of Pueblo's general fund?

• A) Assets are overstated.
• B) Liabilities are understated.
• C) Total fund balance is overstated.
• D) Unassigned fund balance is overstated.

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Definitions:

Average Value

The sum of a set of numerical values divided by the number of values in the set, commonly referred to as the mean.

Simple Linear Regression

A statistical method for modeling the relationship between a single independent variable and a dependent variable by fitting a linear equation to observed data.

Correlation Coefficient

A numerical measure that quantifies the degree to which two variables are related or move together.

Coefficient Of Determination

A measure, often represented as R^2, that indicates the proportion of the variance in the dependent variable predictable from the independent variable(s).