Trade discounts are
a. granted for prompt payment.
b. granted in addition to the discount for prompt payment.
c. recorded only on the buyer's books.
d. recorded only on the seller's books.
e. recorded on the books of both the buyer and the seller.
Question 2
Heimbaugh County recently lost a lawsuit that it had been defending in court for two years relating to an incident involving one of the county's police officers. The county had always deemed a loss to be improbable.
However, a judgment was ultimately rendered against the county and, immediately prior to the current fiscal year end, the county was ordered to pay a total of 300,000 . 75,000 is due immediately and must b be paid within two months (which would be in the next fiscal year) and the remaining is to be paid in installments of 75,000 for an additional three years. How will the external financial statements of the county be affected in the year the court case was settled?
a. The General Fund statements should report both expenditures and a claims and judgments liability of 300,000
b. The General Long-Term Liabilities accounts should report a 300,000 liability.
c. The Permanent Fund statements should report both expenditures and a claims and judgments liability of 300,000
d. The Permanent Fund statements should report expenditures and a current liability of 75,000 and the General Long-Term Liabilities accounts should report a liability of 225,000
e. The General Fund statements should report expenditures and a current liability of 75,000 and the General Long-Term Liabilities accounts should report a liability of 225,000
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