Author Question: Which statement is NOT true about the Chart of Accounts? a. The order of the chart of accounts is ... (Read 75 times)

RYAN BANYAN

  • Hero Member
  • *****
  • Posts: 563
Which statement is NOT true about the Chart of Accounts?
 a. The order of the chart of accounts is important.
  b. The first digit in the account number helps identify and organize the accounts in the chart.
  c. Income statement accounts are listed before balance sheet accounts.
  d. None of the above are true.

Question 2

The town of Newport issued 1,500,000 of general obligation refunding bonds at a 2 premium. Bond issuance costs of 15,000 were incurred. The proceeds, net of the premium, are being used to refund the outstanding bonds.
 
  Debt Service Fund Expenditures will be debited for
  a. 30,000
  b. 15,000
  c. 1,500,000
  d. 1,470,000
  e. 1,455,000



mcinincha279

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

C

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

For a complete list of videos, visit our video library