Author Question: If owner's equity and liabilities increased during the period, then assets must also have increased. ... (Read 100 times)

wenmo · **on:** Jul 5, 2018

If owner's equity and liabilities increased during the period, then assets must also have increased.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The General Fund lends cash at the beginning of the year to an Enterprise Fund, expecting to be repaid before the end of the year. What account should be debited in the General Fund?

a. transfer out to enterprise fund
b. due from enterprise fund
c. other financing uses - enterprise fund
d. expenditures - enterprise fund loans