Author Question: The role of accounting is to provide many different users with financial information to make ... (Read 113 times)

danielfitts88

  • Hero Member
  • *****
  • Posts: 535
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

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

True

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

For a complete list of videos, visit our video library