Author Question: An Agency Fund is used to account for debt service on special assessment bonds A. That are not ... (Read 11 times)

CQXA · **on:** Jul 5, 2018

An Agency Fund is used to account for debt service on special assessment bonds

A. That are not backed by the full faith and credit of the governmental unit.
B. That are not backed by the full faith and credit of the governmental unit unless the government guarantees the indebtedness.
C. On which the government is not obligated in any manner.
D. With terms exceeding 10 years.

Question 2

The purchase of supplies on account was recorded and posted as a debit to Supplies for 500 and a credit toAccounts Receivable for 500 . The correcting entry would include a:
a. credit to Accounts Receivable for 500 b. credit to Accounts Receivable for 1,000
c. credit to Accounts Payable for 500 d. credit to Accounts Payable for 1,000