Author Question: A deficit unassigned fund balance was reported in a city Capital Projects Fund balance sheet. Which ... (Read 88 times)

magmichele12

  • Hero Member
  • *****
  • Posts: 559
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



kingdude89

  • Sr. Member
  • ****
  • Posts: 336
Answer to Question 1

A

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Cyanide works by making the human body unable to use oxygen.

For a complete list of videos, visit our video library