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6. Which of the following statements best describes the accounting for inventories? A) B) C) D) Inventories on hand at the end of the accounting period are not reflected on the balance sheet. Inventories used during the period are reflected as an expense in the Statement of Revenues, Expenditures, and Changes in Fund Balances. There is generally no recognition in the fund accounts of any remaining balance of inventories at the end of the accounting period. None of the above 7. Which of the following is true? An encumbrance is a contractual commitment relating to an existing appropriation. A) B) C) D) An encumbrance is a liability appearing on the balance sheet. An encumbrance is an expenditure. None of the above are true. 8. Which of the following statements best describes the recognition of revenue? Governments recognize revenues from exchange transactions when the cash is received, and, for nonexchange transactions, when the resources are available to satisfy existing liabilities. Governments recognize revenues from exchange transactions when the transactions take place, and, for nonexchange transactions, when it is probable that resources will be received in the current year. Governments recognize revenues from exchange transactions when the transactions take place, and, for nonexchange transactions, when the resources are available to satisfy existing liabilities. None of the above A) B) C) D) 9. Which of the following is not a "Proprietary Fund" A) B) C) D) Enterprise Fund Internal Service Fund Pension Trust Fund All of the above are Proprietary Funds. 10. The journal entry to record the real estate tax levy A) is made when taxes are assessed and billings are sent to residents B) is not made until the taxes are received. C) may include an entry to record deferred taxes. D) Both A and C are true