Which of the following statements best describes the accounting for inventories in the General Fund? Select one: A. Inventories on hand at the end of the accounting period are not reflected on the...

Which of the following statements best describes the accounting for inventories in the General Fund?

Select one:

A. Inventories on hand at the end of the accounting period are not reflected on the balance sheet.

B. Inventories used during the period are reflected as an expense in the statement of revenues, expenditures, and changes in fund balances.

C. There is generally no recognition in the fund accounts of any remaining balance of inventories at the end of the accounting period.

D. None of the above

Jun 08, 2022

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