« previous next »

Author Question: Inactive bank accounts that revert to the state after a period of time should be A. Reported at ... (Read 124 times)

beccaep

  • Hero Member
  • *****
  • Posts: 535
on: Jul 6, 2018
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


kswal303

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jul 6, 2018
Answer to Question 1

B

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

DNA replication is the basis for the perpetuation of life through time DNA replication is the basis for the perpetuation of life through time
Time dependence of the rates of a chemical reaction Time dependence of the rates of a chemical reaction
Human infants are like all other placental mammals, except they are born at a less developed state. Human infants are like all other placental mammals, except they are born at a less developed state.
Embryonic Period - organogenesis Embryonic Period - organogenesis
Over time, cells acquire mutations. Two independently acquired mutations in the same cell may be suf Over time, cells acquire mutations. Two independently acquired mutations in the same cell may be suf
The Cosmic Calendar: Concepts of Time The Cosmic Calendar: Concepts of Time
Video: Introduction to Epilepsy

For a complete list of videos, visit our video library