Which of the following statements is nottrue about liabilities?
a. Liabilities are debts owed to outsiders.
b. Account titles of liabilities often include the term payable..
c. Cash received before a service is performed creates a liability.
d. Liabilities do not include wages owed to employees of the company.
Question 2
Caraway County financed its new 6,000,000 courthouse by issuing general obligation bonds. In the year financing was secured and construction began, the fund(s) and/or nonfund fund accounts that would most likely be affected would be
A. The General Fund only.
B. The Capital Projects Fund only.
C. The General Fund, General Capital Assets Accounts, and the General Long-Term Liability Accounts.
D. The Capital Projects Fund, General Capital Assets Accounts, and the General Long-Term Liability Accounts.
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