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Author Question: The entry to record adoption of a Special Revenue Fund budget should include a a. debit to ... (Read 55 times)

joblessjake

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on: Jul 5, 2018
The entry to record adoption of a Special Revenue Fund budget should include a
 
  a. debit to Estimated Revenues and a credit to Expenditures.
  b. debit to Appropriations and a credit to Estimated Revenues.
  c. debit to Estimated Revenues and a credit to Appropriations.
  d. debit to Revenues and a credit to Appropriations.

Question 2

Explain the meaning of the business entity concept.


tennis14576

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

C

Answer to Question 2

The business entity concept limits the economic data in an accounting system todata related directly to the activities of the business. In other words, the businessis viewed as an entity separate from its owners, creditors, or other businesses.


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