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Author Question: If a government uses a perpetual inventory system for its General Fund and there is an inventory ... (Read 109 times)

naturalchemist

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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


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rnehls

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

A

Answer to Question 2

False


naturalchemist

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Reply #2 on: Jul 5, 2018
Thank you :)


rnehls

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Reply #3 on: Jul 5, 2018
Happy to help you


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