Author Question: Which of the following financial statements reports information as of a specific date? a. income ... (Read 118 times)

gbarreiro · **on:** Jul 5, 2018

Which of the following financial statements reports information as of a specific date?
a. income statement
b. statement of owner's equity
c. statement of cash flows
d. balance sheet

Question 2

If an expenditure was inadvertently charged to the General Fund instead of the appropriate Special Revenue Fund, what effect would the correction of this error later in the same fiscal year have on the General Fund?

A. An entry would be made directly to the General Fund's fund balance to correct the error.
B. Revenues would be increased.
C. Expenditures would be decreased.
D. Transfers in would be increased.