This topic contains a solution. Click here to go to the answer

Author Question: Office Equipment is an example of a current asset account. a. True b. False Indicate whether ... (Read 124 times)

bclement10

  • Hero Member
  • *****
  • Posts: 560
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



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

TheNamesImani

  • Sr. Member
  • ****
  • Posts: 334
Answer to Question 1

False

Answer to Question 2

b




bclement10

  • Member
  • Posts: 560
Reply 2 on: Jul 5, 2018
Excellent


frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

For a complete list of videos, visit our video library