D. The General Fund wil repot 28. A government has claims and judgments outstand

Question

D. The General Fund wil repot 28. A government has claims and judgments outstanding at the beginning of 20X5 of $1,000,000. These claims and judgments are expected to result in awards against the payable from the Genera Fund at December 31, 20X4. At the end of 20X5, the government has claims and judgments outstanding of agains General Fund at December 31, 20X5. The government paid claims and judgments of $400,000 during 20X5. General Fund expenditures for claims and judgments for 20x5 should be reported at what amount? A. $325,000 B. $400,000. C. $725,000. D. $800,000. $2,000,000. These claims and judgments are expected to result in awards t the government of $1,200,000. None of these claims is due and payable from the

Explanation / Answer

CORRECT OPTION IS "A"

General fund expenditure For claims and judgement for 2015 =Total amount paid in 2015 - Claims due and payable at 2014

= 400000 -75000

= $ 325000

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