Reference no: EM132737578

Problem 1: To what does the phrase economic resources measurement focus refer?

Select one:

A. The use of the full accrual basis of accounting.

B. The measurement of resources available for spending.

C. The measurement of long-term, operational accountability.

D. The use of the modified accrual basis of accounting.

Problem 2: A government recorded the issuance of a purchase order to a vendor for 100 computers at an estimated cost of $3,000 each in the General Fund. Half of the order was received two weeks later with an invoice of $160,000 for the 50 computers. The General Fund journal entry to record the receipt of these computers will include:

Select one:

A. Credit to Encumbrances for $150,000.

B. Credit to Expenditure for $160,000.

C. Debit to Expenditures for $10,000.

D. Credit to Budgetary Fund Balance for $150,000.