Author Question: Which one of the following is the authoritative body in the United States having the primary ... (Read 84 times)

ARLKQ · **on:** Jul 6, 2018

Which one of the following is the authoritative body in the United States having the primary responsibility fordeveloping accounting principles?
a. FASB
b. IRS
c. SEC
d. AICPA

Question 2

The police department of the city of Newport purchased 10 new patrol cars at the beginning of the new budget year at a total cash price of 250,000 . This purchase will

A. Increase capital assets reported in the General Fund by 250,000
B. Have no effect on capital assets in the General Fund, but will decrease fund balance in the General Fund by 250,000
C. Increase capital assets reported in the General Fund by 250,000, as well as decrease fund balance in the General Fund by the same amount.
D. Increase both capital assets and fund balance in the General Fund by 250,000