Author Question: Financial accounting provides information to all users, while the main focus for managerial ... (Read 119 times)

elizabeth18 · **on:** Jul 6, 2018

Financial accounting provides information to all users, while the main focus for managerial accounting is to provideinformation to the management.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Government A plans to create an Internal Service Fund to account for its new central warehouse. The General Fund loans the Internal Service Fund 100,000, which is going to pay back the loan interest-free in five years.

The entry in the Internal Service Fund to record this transaction would be

dr cr

a. Cash 100,000 Revenue 100,000
b. Cash 100,000 Capital Contribution 100,000
c. Cash 100,000 Transfer from General Fund 100,000
d. Cash 100,000
Advance from General Fund 100,000
e. Cash 100,000
Accounts Payable 100,000