A deficit unassigned fund balance was reported in a city Capital Projects Fund balance sheet. Which of the following explanations for the deficit is not plausible?
A. The city financed a substantial portion of the project in the previous year.
B. The city financed current year expenditures by issuing bond anticipation notes that are not general long-term liabilities.
C. The city entered into a two-year construction contract. Transfers from the General Fund will be made each year to cover actual expenditures.
D. The city had a large assigned fund balance.
Question 2
An adjusting entry would adjust an expense account so the expense is reported when incurred.
a. True
b. False
Indicate whether the statement is true or false
L. Frank Baum, author of The Wonderful Wizard of Oz (1900) and a fan of William Jennings Bryan, perh
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