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Author Question: Which of the following statements accurately describes why the statement of revenues, expenses and ... (Read 49 times)

scienceeasy

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on: Jul 5, 2018
Which of the following statements accurately describes why the statement of revenues, expenses and changes in net position for an Internal Service Fund differs slightly from one for an Enterprise Fund?
 
  A. Internal Service Funds do not report operating revenue.
  B. Internal Service Funds report other financing sources and uses.
  C. Internal Service Funds do not report depreciation expense.
  D. The statement of revenues, expenses and changes in net position is formatted the same for Enterprise Funds and Internal Service Funds.

Question 2

Assets, liabilities, and owner's capital are real accounts and do not get closed at the end of the period.
 a. True
  b. False
 
   Indicate whether the statement is true or false


coreycathey

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

D

Answer to Question 2

True


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