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Author Question: Which of the following is not a typical governmental fund liability, and thus not an expenditure ... (Read 57 times)

Jkov05

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on: Jul 5, 2018
Which of the following is not a typical governmental fund liability, and thus not an expenditure that is recognized when the liability is incurred?
 
  A. Accounts payable.
  B. Long-term note payable.
  C. Salaries payable.
  D. Vouchers payable.

Question 2

Ramierez Company received its first electric bill in the amount of 60 which will be paid next month. How will thistransaction affect the accounting equation?


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kilada

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

B

Answer to Question 2

Increase Liabilities (Accounts Payable) and decrease Owner's Equity (UtilitiesExpense)


Jkov05

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

dyrone

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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