This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The use of an Internal Service Fund is mandated by generally accepted accounting principles for ... (Read 53 times)

soccerdreamer_17

  • Hero Member
  • *****
  • Posts: 552
on: Jul 5, 2018
The use of an Internal Service Fund is mandated by generally accepted accounting principles for which of the following activities?
 
  A. Risk financing activities.
  B. Government motor pool.
  C. Centralized warehouse.
  D. GAAP does not require the use of an Internal Service Fund.

Question 2

Accrued salaries of 600 owed to employees for December 29, 30, and 31 are not taken into consideration in preparing the financial statements for the year ended December 31 . Indicate which items will be erroneously stated, because of the error, on (a) the income statement for the year and (b) the balance sheet as of December 31 . Also indicate whether the items in error will be overstated or understated.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tennis14576

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jul 5, 2018
Answer to Question 1

D

Answer to Question 2

(a) Salary expense (or expenses) will be understated. Net income will be overstated.
(b) Salaries payable (or liabilities) will be understated. Owner's equity will be overstated.


soccerdreamer_17

  • Member
  • Posts: 552
Reply 2 on: Jul 5, 2018
Wow, this really help

dantucker

  • Member
  • Posts: 346
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Internal and external hemmorrhoids. Internal and external hemmorrhoids.
Principles of time management Principles of time management
Internal anatomy of a female cricket Internal anatomy of a female cricket
This slave burial service, painted by John Antrobus in 1860, reflects an inversion of power relation This slave burial service, painted by John Antrobus in 1860, reflects an inversion of power relation
Child Development: Principles and Perspectives Child Development: Principles and Perspectives
Component of right internal ear Component of right internal ear
Video: Muscular Dystrophy

For a complete list of videos, visit our video library