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Author Question: Which group of accounts is comprised of only assets? a. Cash, Accounts Payable, Buildings b. ... (Read 88 times)

bobbysung

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on: Jul 5, 2018
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.


yasmina

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

B


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