Author Question: Footnote information that duplicates information in financial statements included in a. the CAFR ... (Read 77 times)

james9437 · **on:** Jul 5, 2018

Footnote information that duplicates information in financial statements included in

a. the CAFR may be eliminated.
b. the CAFR may be eliminated if the government does not issue its basic financial statements separately.
c. the CAFR may be eliminated if the government does issue its basic financial statements.
d. the CAFR is common and must be presented despite the duplication.

Question 2

The adjusting entry for gym memberships earned that was previously recorded in the unearned gym memberships account is
a. debit Unearned Gym Memberships; credit Gym Memberships Revenue
b. debit Gym Memberships Revenue; credit Unearned Gym Memberships
c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships
d. debit Gym Memberships Expense; credit Unearned Gym Memberships