Author Question: Office Equipment is an example of a current asset account. a. True b. False Indicate whether ... (Read 127 times)

bclement10 · **on:** Jul 5, 2018

Office Equipment is an example of a current asset account.
a. True
b. False

Indicate whether the statement is true or false

Question 2

A city has a General Fund and an Enterprise Fund. During the year, legal claims are filed against the resources of both funds.

City attorneys believe that each claim will ultimately be settled for about 55,000, but settling claims of this kind usually is about a three-year process. How much should be reported as a liability in each fund's balance sheet at the end of the current year?
General Enterprise
Fund Fund
a. 0 0
b. 0 55,000
c. 55,000 0
d. 55,000 55,000