Author Question: Which of the following statements is true about transfers into an Enterprise Fund? a. They are ... (Read 73 times)

itsmyluck · **on:** Jul 6, 2018

Which of the following statements is true about transfers into an Enterprise Fund?

a. They are always reported as capital and related financing activities in the statement of cash flows.
b. They are always reported after operating income in the statement of revenues, expenses, and changes in net assets.
c. They do not affect changes in net assets of the proprietary fund.
d. They are always reported as noncapital financing activities in the statement of cash flows.

Question 2

Which of the following statements is NOT true about closing entries for a merchandising business?
a. The closing entries for a merchandise business have a different closing order than a service business.
b. Nominal Accounts are closed at the end of the fiscal period.
c. Temporary-equity accounts are closed at the end of the fiscal period.
d. None of the above are true.