The role of accounting is to provide many different users with ...

[danielfitts88]

The role of accounting is to provide many different users with financial information to make economic decisions.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

A city acquired a dump truck for general government usage. The government paid nothing down and signed a 10, short-term note payable for the price of the truck, 80,000 . The note will mature in the next fiscal year.
 
  What items should appear in the statement of revenues, expenditures, and changes in fund balance for the General Fund in the year the truck was purchased?
  A. Capital outlay expenditures of 80,000, but no interest.
  B. Interest expenditures on the note, but no capital outlay expenditures since nothing was paid.
  C. Capital outlay expenditures of 80,000 and interest expenditures on the note.
  D. Depreciation expenses (depending on the estimated useful life of the truck) and interest expenditures on the note.

[LVPMS]

Answer to Question 1

True

Answer to Question 2

C