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Author Question: A governmental fund has total liabilities in excess of its total assets at the end of the fiscal ... (Read 60 times)

Sportsfan2111

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on: Jul 5, 2018
A governmental fund has total liabilities in excess of its total assets at the end of the fiscal year. It has no deferred resource inflows or outflows. Which of the following statements is always true?
 
  a. fund balance is negative
  b. cash is less than short-term receivables
  c. payables exceed receivables
  d. payables exceed cash

Question 2

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.
 a. True
  b. False
 
   Indicate whether the statement is true or false


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bpool94

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

True


Sportsfan2111

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Reply 2 on: Jul 5, 2018
Excellent

adf223

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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