The Central Warehouse Internal Service Fund purchased 15,000 of ...

[lindiwe]

The Central Warehouse Internal Service Fund purchased 15,000 of inventory, which was recorded in accounts payable at month end. Which of the following statements regarding the accounting for the transaction is false?
 
  a. Expenses in the Internal Service Fund will increase.
  b. Capital assets recorded in the Internal Service Fund will increase.
  c. The transaction will increase total assets.
  d. The transaction will increase total liabilities.
  e. Both items a and b are false.
  f. Both items c and d are false.

Question 2

Generally accepted accounting principles regulate how and what financial information is reported by businesses.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[Swizqar]

Answer to Question 1

E

Answer to Question 2

True

[lindiwe]

Thanks for the timely response, appreciate it

[covalentbond]

Great answer, keep it coming