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Author Question: Account type and normal balance of the Purchases Account: a. Asset, DR b. Asset, CR c. Expense, ... (Read 86 times)

piesebel

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on: Jul 6, 2018
Account type and normal balance of the Purchases Account:
 a. Asset, DR
   b. Asset, CR
   c. Expense, DR
   d. Expense, CR

Question 2

Under the modified accrual basis, revenues are considered available to finance current period expenditures if
 
  a. legally available to finance current period expenditures.
  b. collected during the current period.
  c. collected in the current period or soon enough thereafter to be used to pay liabilities of the current period.
  d. both items a and b.
  e. Both items a and c


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Jmfn03

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Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

E


piesebel

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Reply #2 on: Jul 6, 2018
Correct answers!


Jmfn03

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Reply #3 on: Jul 6, 2018
Great! Please up vote :D


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