Author Question: The principal ledger that contains all the balance sheet and income statement accounts is the ... (Read 86 times)

imowrer · **on:** Jul 5, 2018

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.
a. True
b. False

Indicate whether the statement is true or false

Question 2

A capital project is completed, but 500,000 remains in a capital projects fund. How should the government use the 500,000 remaining in the capital projects fund?

a. the government should retain the remaining funds in the capital projects fund for a potential future capital project
b. the government should consult provisions of relevant grant and bond issues, which may provide guidance regarding its use
c. the first-in, first out basis
d. residual amounts in a capital projects fund after completion of a project must be transferred to a debt service fund