Inactive bank accounts that revert to the state after a period of time should be
A. Reported at their full fair value as liabilities of the government.
B. Recognized as revenuenet of any amounts expected to be claimed by heirs.
C. Reported as unearned revenue.
D. Reported in a special revenue fund.
Question 2
A business paid 7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accountingequation was to
a. increase one asset, decrease another asset
b. decrease an asset, decrease a liability
c. increase an asset, increase a liability
d. increase an asset, increase owner's equity
Federal vs state govenment
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