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Author Question: Once an account has been closed for the period, inserting a line in the balance columns zeros out ... (Read 85 times)

jake

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on: Jul 5, 2018
Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

A government university that chooses to report as a business-type special purpose government, purchases land for a planned dormitory by securing a ten year bank loan. The entry to record the purchase and procurement of funding would include
 
  A. A debit to assets.
  B. A credit to fund balance.
  C. A debit to expenditures.
  D. A credit to other financing sources.


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fraziera112

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Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

A


jake

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  • Posts: 538
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

aliotak

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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