Author Question: Assume that inspection services were performed by the General Fund department on a capital project ... (Read 26 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
Assume that inspection services were performed by the General Fund department on a capital project that is being accounting for in a Capital Project Fund. The inspection is being charged to the project.
 
  The entry to record this transaction in the Capital Project Fund would be
  A. Debit expenditures and credit due to General Fund.
  B. Debit capital asset and credit due to General Fund.
  C. Debit other financing uses and credit due to General Fund.
  D. Debit expenditures and credit revenues.

Question 2

A state enacts a gasoline tax that is restricted for new highway construction. Which fund should be used to account for the proceeds from the tax?
 
  A. Debt Service Fund.
  B. General Fund.
  C. Capital Projects Fund.
  D. General Long-Term Liabilities Fund.



kaylee05

  • Sr. Member
  • ****
  • Posts: 318
Answer to Question 1

A

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

For a complete list of videos, visit our video library