Author Question: Using the Internet to perform business transactions is called e-commerce. a. True b. False ... (Read 59 times)

ARLKQ · **on:** Jul 5, 2018

Using the Internet to perform business transactions is called e-commerce.
a. True
b. False

Indicate whether the statement is true or false

Question 2

The Village of Catlett provides electricity to its residents through an Enterprise Fund (EF). The EF's fiscal year ends June 30 . Its last payroll period starts June 26 and ends July 7 .

For financial reporting purposes, how should the EF handle the salaries earned by its employees June 26-30?
a. Nothing should be done, because nothing needs to be reported for the period June 26-30
b. The EF should report salary expense and a liability for salaries earned by employees during June 26-30
c. The EF should report a liability for salaries earned and expected to be earned from June 26 to July 7
d. The EF should disclose the salaries earned, but not paid, in a note to the financial statements