Author Question: Once an account has been closed for the period, inserting a line in the balance columns zeros out ... (Read 40 times)

jake · **on:** Jul 5, 2018

Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.
a. True
b. False

Indicate whether the statement is true or false

Question 2

A government university that chooses to report as a business-type special purpose government, purchases land for a planned dormitory by securing a ten year bank loan. The entry to record the purchase and procurement of funding would include

A. A debit to assets.
B. A credit to fund balance.
C. A debit to expenditures.
D. A credit to other financing sources.