Author Question: Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a ... (Read 77 times)

audie · **on:** Jul 5, 2018

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.
a. True
b. False

Indicate whether the statement is true or false

Question 2

The General Fund paid 4,000 to the Internal Service Fund for services rendered. Which of the following statements accurately reflects the reporting effects of the transaction?

A. The Internal Service Fund will report revenues of 4,000.
B. The Internal Service Fund will report capital contributions of 4,000.
C. The Internal Service will report a transfer in of 4,000.
D. The Internal Service Fund will record a direct adjustment to unrestricted net position.