Author Question: Assume that inspection services were performed by the General Fund department on a capital project ... (Read 60 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
Assume that inspection services were performed by the General Fund department on a capital project that is being accounting for in a Capital Project Fund. The inspection is being charged to the project.
 
  The entry to record this transaction in the Capital Project Fund would be
  A. Debit expenditures and credit due to General Fund.
  B. Debit capital asset and credit due to General Fund.
  C. Debit other financing uses and credit due to General Fund.
  D. Debit expenditures and credit revenues.

Question 2

A state enacts a gasoline tax that is restricted for new highway construction. Which fund should be used to account for the proceeds from the tax?
 
  A. Debt Service Fund.
  B. General Fund.
  C. Capital Projects Fund.
  D. General Long-Term Liabilities Fund.



kaylee05

  • Sr. Member
  • ****
  • Posts: 318
Answer to Question 1

A

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library