Author Question: Which of the following accounts are debited to record increases? a. assets and liabilities b. ... (Read 51 times)

WWatsford · **on:** Jul 5, 2018

Which of the following accounts are debited to record increases?
a. assets and liabilities
b. drawing and liabilities
c. expenses and liabilities
d. assets and expenses

Question 2

A city reports deferred tax revenue of 300,000 at the beginning of the year and 350,000 at the end of the year.

What adjustment is needed to changes in fund balance to reconcile the governmental funds operating statement information to the changes in net assets for governmental activities in the government-wide statement?
a. 50,000
b. (50,000)
c. 350,000
d. No adjustment is required on this reconciliation