Which group of accounts is comprised of only assets?
a. Cash, Accounts Payable, Buildings
b. Accounts Receivable, Revenue, Cash
c. Prepaid Expenses, Buildings, Patents
d. Unearned Revenues, Prepaid Expenses, Cash
Question 2
The Town of Red Herring issued 60,000 of purchase orders and recorded the encumbrance. Assume that when all orders were received, the actual cost was 59,000 . What would be the net change in the unencumbered balance when the goods are received?
A. 60,000 increase.
B. 1,000 increase.
C. 1,000 decrease.
D. 59,000 decrease.
Monopoly, patented in 1935, was an instant best-seller: Players risk all their assets in an attempt
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