Author Question: If a government uses a perpetual inventory system for its General Fund and there is an inventory ... (Read 111 times)

naturalchemist · **on:** Jul 5, 2018

If a government uses a perpetual inventory system for its General Fund and there is an inventory overage at the end of the year, the inventory asset account should

A. Be increased and the expenditure account decreased.
B. Be decreased and the expenditure account increased.
C. Remain the same. The expenditure account will be decreased, offset by an allowance for inventory overage account.
D. Remain the same. The expenditure account will be increased, offset by an allowance for inventory overage account.

Question 2

The normal balance of an expense account is a credit.
a. True
b. False

Indicate whether the statement is true or false

rnehls · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

A

Answer to Question 2

False

naturalchemist · **Reply #2 on:** Jul 5, 2018

Thank you

rnehls · **Reply #3 on:** Jul 5, 2018

Happy to help you

Author Question: If a government uses a perpetual inventory system for its General Fund and there is an inventory ... (Read 111 times)

naturalchemist

If a government uses a perpetual inventory system for its General Fund and there is an inventory ...

Related Topics

Need homework help now?

rnehls

If a government uses a perpetual inventory system for its General Fund and there is an inventory ...

naturalchemist

If a government uses a perpetual inventory system for its General Fund and there is an inventory ...

rnehls

If a government uses a perpetual inventory system for its General Fund and there is an inventory ...