Which of the statements below indicates that a company earned a net income for the period?
a. The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet
b. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet
c. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet
d. Cash inflows exceed cash outflows
Question 2
How should a fixed asset acquired through a capital lease agreement be recorded in a General Fund?
a. at the present value of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
b. at the total amount of the future lease payments, by debiting expenditures and crediting other financing sources - capital leases
c. at the present value of the future lease payments, by debiting expenditures and crediting capital leases payable.
d. no entry is needed until payments are actually made on the capital lease agreement.
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