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Author Question: The use of an Internal Service Fund is mandated by generally accepted accounting principles for ... (Read 18 times)

soccerdreamer_17

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on: Jul 5, 2018
The use of an Internal Service Fund is mandated by generally accepted accounting principles for which of the following activities?
 
  A. Risk financing activities.
  B. Government motor pool.
  C. Centralized warehouse.
  D. GAAP does not require the use of an Internal Service Fund.

Question 2

Accrued salaries of 600 owed to employees for December 29, 30, and 31 are not taken into consideration in preparing the financial statements for the year ended December 31 . Indicate which items will be erroneously stated, because of the error, on (a) the income statement for the year and (b) the balance sheet as of December 31 . Also indicate whether the items in error will be overstated or understated.


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tennis14576

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

D

Answer to Question 2

(a) Salary expense (or expenses) will be understated. Net income will be overstated.
(b) Salaries payable (or liabilities) will be understated. Owner's equity will be overstated.


soccerdreamer_17

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

gcook

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

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