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 52 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
Gracias!

bimper21

  • Member
  • Posts: 309
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Internal Inspection of the Nose Internal Inspection of the Nose
External and internal structures of nails. External and internal structures of nails.
The malfunction indicator lamp might be labeled “service engine soon,” which can cause ... The malfunction indicator lamp might be labeled “service engine soon,” which can cause ...
The development of the internal ducts of the male and female reproductive systems from the Wolffian ... The development of the internal ducts of the male and female reproductive systems from the Wolffian ...
Importance of Considering Gestalt Principles in Product Design (1 of 2) Importance of Considering Gestalt Principles in Product Design (1 of 2)
Comparing Internal Structures of the Planets Comparing Internal Structures of the Planets
Video: Four Giant Convection Cells oF Earth

For a complete list of videos, visit our video library