1) Taxes that are levied in one year but not available until the following year are recognized as: a. Deferred Expenses b. Accrued Expense c. Deferred Inflows of resources d. Accrued inflows of resources 2) In a Capital Projects Fund, when a contract is signed with a contractor to construct a fixed asset, the amount of the contract is: a. debited to Expenditures. b. credited to Contracts Payable. c. debited to Encumbrances. d. credited to Other Financing Sources