Unearned revenues are classified ________ as and have a normal balance of ________.
a. Liabilities, CR
b. Revenues, CR
c. Assets, DR
d. Equity, CR
Question 2
Government A issued general obligation bonds to finance the construction of a new fire station. In the current year, the government incurred 107,000 of interest expense on the debt issuance.
This amount will be reported on the government-wide statement of activities as
a. expenses of the general government function.
b. expenses of the public safety function.
c. interest expenses of the governmental activities.
d. an offset to interest earnings in the General Fund.
e. None of the above.
Do you know how kangaroos balance their body
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