Author Question: The accounting equation for a special revenue fund is A. Assets Liabilities = Net Position. B. ... (Read 47 times)

dalyningkenk · **on:** Jul 6, 2018

The accounting equation for a special revenue fund is

A. Assets Liabilities = Net Position.
B. Financial Assets + Deferred Outflows Related Liabilities Deferred Inflows = Fund Balance.
C. General Capital Assets Unmatured General Long-Term Liabilities = Net Assets.
D. Current Assets = Current Liabilities.

Question 2

An X below the total amount of the Other Accounts column in the Cash Payment journal means
a. The column is in balance.
b. The column needs to be posted to the ledger.
c. Do not post the column total.
d. All checks posted are accounted for.