Q17:

Estimated discount on property taxes is considered to be revenue contra account

a.

TRUE

b.

FALSE

Q18:

Lake county general fund had the following disbursements during the year

Payment of amount to debt service fund $300,000

Payments to vendors $400,000

Purchase of computers $200,000

What amount should Lake County report as expenditures in its governmental funds statement of revenues, expenditures, and change in fund balances:

a.

$200,000

b.

$400,000

c.

$900,000

d.

$700,000