Author Question: The term used to describe an expense that has not been paid and has not yet been recognized in the ... (Read 271 times)

mynx · **on:** Jul 5, 2018

The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is
a. prepaid
b. deferred
c. accrued
d. matched

Question 2

In reviewing their governmental funds, a local municipality determines that three of the funds (including the General Fund are considered major funds and the remaining six governmental funds are nonmajor.

However, management prefers to report all of its governmental funds as major funds. What is the maximum number of fund columns that could be presented on the governmental fund balance sheet?
A. 3.
B. 4.
C. 6.
D. 9.