The Town of Pasco Has No Supplies Inventory in Its

question 11

Multiple Choice

The Town of Pasco has no supplies inventory in its general fund on January 1,2008.During 2008,Pasco incurred expenditures of $200,000 for the acquisition of supplies.On December 31,2008,Pasco's inventory of supplies amounted to $30,000.Assume Pasco uses the purchase method of accounting for supplies in its general fund and that the village reports on the calendar year.On December 31,2008,the general fund of Pasco should credit:

• A)Expenditures for $170,000.
• B)Fund Balance-Unreserved for $170,000.
• C)Fund Balance-Reserved for Inventories for $30,000.
• D)Expenditures for $30,000.

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Definitions:

Critical Value

A threshold value in hypothesis testing, beyond which the null hypothesis is rejected, determined by the chosen significance level.

Df

Df, or degrees of freedom, often used in statistical analysis, is the number of independent pieces of information available to estimate another piece of information.

Mean Square

A statistical measure used primarily in the context of ANOVA, representing the average of the squares of differences from the mean, indicative of variance.

Main Effect

The direct impact of an independent variable on a dependent variable in an experimental study, ignoring the effects of other independent variables.