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Author Question: If a special tax is levied to finance debt service for a particular debt issue, the entry to record ... (Read 180 times)

V@ndy87

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on: Jul 5, 2018
If a special tax is levied to finance debt service for a particular debt issue, the entry to record the levy in the Debt Service Fund would be
 
  A. Debit Taxes Receivable and credit to Revenues.
  B. Debit Taxes Receivable and credit to Other Financing Sources.
  C. Debit Prepaid Assets and credit to Revenues.
  D. Tax levies may not be reported in a Debt Service Fund.

Question 2

The accounting function of classifying is
 a. thinking about how events affect the business.
   b. gathering similar events to provide information that is easy to understand.
   c. sorting and grouping similar items together.
   d. deciding the meaning and importance of the information in various reports.


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Joc

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

A

Answer to Question 2

c


V@ndy87

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

AmberC1996

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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