Which of the following best expresses the accounting standard regarding accounting for purchases and inventories in the General Fund?
Select one:
a.
Purchases may be recorded as expenditures either when acquired or consumed; if accounted for as expenditures when acquired, year-end inventories must be reported if the amount is significant.
b.
Purchases may be recorded as expenditures either when acquired or consumed; if accounted for as expenditures when acquired, year-end inventories are ignored.
c.
They must be accounted for in a manner similar to that of commercial enterprises.
d.
All purchases must be accounted for as expenditures upon acquisition.