Which of the following is nottrue of accounting principles? a. ...

[Davideckstein7]

Which of the following is nottrue of accounting principles?
 a. Financial accountants follow generally accepted accounting principles (GAAP).
  b. Following GAAP allows accounting information users to compare one company to another.
  c. A new accounting principle can be adopted with stockholders' approval.
  d. The Financial Accounting Standards Board (FASB) has primary responsibility for developing accountingprinciple s.

Question 2

A Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of 750,000, other financing sources of  50,000, and expenditures of 725,000 . The closing entry in the Special Revenue Fund would be
 
  dr cr
 
  a. Expenditures  725,000Net profit 75,000 Revenues  750,000 Other Financing Sources 50,000
  b. Expenditures  725,000Other Financing Uses 75,000Revenues  750,000Other Financing Sources 50,000
  c. Expenditures  725,000Unreserved Fund Balance 75,000 Revenues  750,000 Other Financing Sources 50,000
  d. Revenues  750,000
  Other Financing Sources 50,000
   Expenditures  725,000
   Other Financing Uses 75,000
  e. Revenues  750,000
  Other Financing Sources 50,000
   Expenditures  725,000
   Unreserved Fund Balance 75,000

[macybarnes]

Answer to Question 1

c

Answer to Question 2

U