Question: When a truck is received by a governmental unit, it should be recorded in the General Fund as a ( n ) : appropriation. encumbrance.

When a truck is received by a governmental unit, it should be recorded in the General Fund as a(n):
appropriation.
encumbrance.
expenditure.
fixed asset.
When a truck is received by a governmental unit, it should

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Suppose X1, X2 are the number of gallons of type A and type B industrial products purchased by a company, respectively. The variances of X]and X2 are 2 and 1, respectively and the covariance of X1and...

Q:

18. In accounting for expendable fund entities, revenue is ordinarily not recognized until: A) it can be objectively measured and it is available to finance expenditures of the B) C) D) current...

Q:

43. In accounting for and reporting inventory in the financial statements, the "Reserve for Inventory" account is used under A) the purchase method. B) both the consumption and purchase methods C)...

Q:

16. When a truck is received by a governmental unit, it should be recorded in the General Fund as a(n): A) fixed asset. B) expenditure. C) appropriation. D) encumbrance. 17. The activities of a...

Q:

Please answer only #s 16, 19, 20. 16. When a truck is received by a governmental unit, it should be recorded in the General Fund as a(n): A) fixed asset. B) expenditure. C) appropriation. D)...

Q:

6. The Expenditures account of a governmental unit is debited when: ______________________________ 1. The highest level of priority of pronouncements that a government entity should look to for...

Q:

When a purchase order is released, a commitment is made by a governmental unit to buy acomputer to be manufactured to specifications for use in property tax administration. Thiscommitment should be...

Q:

16.With respect to budgetary reporting by governments, which of the following is not true? A)While GASB standards guide the format of the comparison, it does not require governments to maintain...

Q:

Please assist with questions 6,7 and 8. Kindly show detailed workings Chapter 17 - Governmental Entities: Introduction and General Fund Accounting Chapter 17 Governmental Entities: Introduction and...

Q:

When a computer which is to be used by an activity accounted for by the General Fund of a governmental unit is received, it should be recorded in the General Fund as a ( an ) : Appropriation....

Q:

I need help with Chapter 8. I would greatly appreciate any help I could get. Refr. Account Titles Debits Gov'tal Fund Balances Credits Adjustments & Eliminations Debits A type debit accounts in this...

Q:

The computation of pension expense includes (1) a deferral of the difference between actual and expected return on the pension fund and (2) amortization of deferred pension gains and losses....

Q:

TaxPlan Solutions, a software firm, has developed a software product that enables users to electronically prepare and file their state and federal tax returns. TaxPlan traditionally has sold a...

Q:

A portfolio manager is considering adding another security to his portfolio. Which security would enable the highest level of diversification? Group of answer choices The security with a correlation...

Q:

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.