Author Question: Governmental funds recognize A. Expenses when the governmental unit uses goods or services. B. ... (Read 159 times)

justinmsk · **on:** Jul 6, 2018

Governmental funds recognize

A. Expenses when the governmental unit uses goods or services.
B. Expenditures when the governmental unit incurs a liability for goods or services.
C. Expenditures when the fund incurs a liability.
D. Expenses when the fund assets are consumed.

Question 2

If total assets increased by 190,000 during a specific period and liabilities decreased by 10,000 during the sameperiod, the period's change in total owner's equity was a 200,000 increase.
a. True
b. False

Indicate whether the statement is true or false