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Author Question: The adjusting entry for unearned revenue involves a debit to Accounts Payable. a. True b. False ... (Read 29 times)

Metfan725

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on: Jul 6, 2018
The adjusting entry for unearned revenue involves a debit to Accounts Payable.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

How should taxes collected in advance in fiscal year 20X3 be reported in the fiscal year 20X3 General Fund financial statements?
 
  A. As a liability on the balance sheet.
  B. As a deferred inflow on the balance sheet.
  C. As revenue on the statement of revenues, expenditures, and changes in fund balance.
  D. As an other financing source on the statement of revenues, expenditures, and changes in fund balance.


Fayaz00962

  • Sr. Member
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Reply #1 on: Jul 6, 2018
Answer to Question 1

False

Answer to Question 2

B


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