This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If a government uses a perpetual inventory system for its General Fund and there is an inventory ... (Read 113 times)

naturalchemist

  • Hero Member
  • *****
  • Posts: 542
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

rnehls

  • Sr. Member
  • ****
  • Posts: 313
Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

False


naturalchemist

  • Hero Member
  • *****
  • Posts: 542
Reply #2 on: Jul 5, 2018
Thank you :)


rnehls

  • Sr. Member
  • ****
  • Posts: 313
Reply #3 on: Jul 5, 2018
Happy to help you


« previous next »
 

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Diagram of an endomembrane system Diagram of an endomembrane system
Example of a Regulatory System Example of a Regulatory System
Internal organs of the female reproductive system within the pelvis Internal organs of the female reproductive system within the pelvis
Anatomy of the respiratory system Anatomy of the respiratory system
General Mathematics General Mathematics
Insect tracheal system. Chitin rings reinforce branching, air-filled tubes in such respiratory syste Insect tracheal system. Chitin rings reinforce branching, air-filled tubes in such respiratory syste
Video: Congenital Heart Defects Animation

For a complete list of videos, visit our video library