$4-17.$ Multiple Choice. $($LO$4-1$ through LO$4-5)$ Choose the best answer.

The City of Medford purchased a fire truck for the fire department. If the operations of the fire department are financed by general revenues, an asset would be recorded in which journal$($s$)?$

$\backslash$table$[[,$General Fund,Governmental Activities$],[$a$.,$Yes,No$],[b.,$No$,$No$],[c.,$No$,$Yes$],[d.,$Yes,Yes$]]$

Which of the following assets would appropriately be reported on the governmental funds balance sheet?

a$.$ Capital assets.

b$.$ Inventories.

c$.$ Goodwill.

d$.$ Unamortized discount on bonds payable.

Goods for which a purchase order had been placed at an estimated cost of $$1,600$ were received at an actual cost of $$1,550.$ The journal entry in the General Fund to record the receipt of the goods will include a

a$.$ Debit to Encumbrances Outstanding for $$1,600.$

b$.$ Credit to Vouchers Payable for $$1,550.$

c$.$ Debit to Expenditures for $$1,550.$

d$.$ All of the above are correct.

Which of the following properly represents the format of the governmentwide statement of net position?

a$.$ Assets minus liabilities equal fund balance.

b$.$ Assets and deferred inflows of resources minus liabilities and deferred outflows of resources equal fund balance.

c$.$ Assets and deferred outflows of resources minus liabilities and deferred inflows of resources equal net position.