General Fund Resources Were Expended in the Amount of $185,000

question 27

Multiple Choice

General Fund resources were expended in the amount of $185,000 to purchase a new fire truck. The General Fund would debit:

• A) Expenditures Control.
• B) Capital assets -Motor Vehicles.
• C) Both a and b above.
• D) None of the above; no entry is made in the General Fund when a motor vehicle is purchased because only current financial resources are recorded in the General Fund.

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Definitions:

Consumers

Individuals or entities that purchase goods or services for personal use rather than for manufacturing or resale.

Substitute

A good or service that can be used in place of another, offering consumers a choice when making purchase decisions.

Input

Resources used in the production process of goods or services, including labor, materials, and capital.

Removing Subsidy

The process of eliminating financial support provided by governments to businesses, individuals, or other government departments.