Author Question: Data flows that mirror and monitor business operations are called ____ flows. a. horizontal ... (Read 124 times)

formula1 · **on:** Jul 5, 2018

Data flows that mirror and monitor business operations are called ____ flows.
a. horizontal information
b. vertical information
c. Sequential
d. master data

Question 2

At December 31, 2013, a Water Enterprise Fund has outstanding revenue bonds payable of 1 million, of which 40,000 is due to be paid on February 15, 2014, and 50,000 is due to be paid on August 15, 2014 .

How should it report this liability in its fund statement of net position as of December 31, 2013?
a. It should report 40,000 as a current liability and disclose 960,000 in a note
b. It should report 40,000 as a current liability and 960,000 as a noncurrent liability
c. It should report 90,000 as a current liability and 910,000 as a noncurrent liability
d. It should report no liability for this obligation on the fund statement of net position