Author Question: Journalizing and posting the adjustments and closing entries updates the ledger for the new ... (Read 85 times)

K@

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Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Which of the following best describes an assignment of fund balance?
 
  a. it is a government's intent to spend resources for specific purposes
  b. it is another term for a budgetary fund balance reserved for encumbrances
  c. it is constrained as a result of a formal action by a government's legislative body
  d. it is a legal segregation of fund balance, and must be used for the purpose assigned



Sassygurl126

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Answer to Question 1

True

Answer to Question 2

a



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