Which of the following statements regarding external financial ...

[Caiter2013]

Which of the following statements regarding external financial reporting for a Debt Service Fund is false?
 
  a. A balance sheet is required.
  b. A statement of cash flows is required.
  c. A budget-to-actual statement is not required.
  d. A statement of revenues, expenditures, and changes in fund balance is required.
  e. A budget-to-actual statement may be prepared for internal use.

Question 2

The Sales Discounts account is shown with the Other Expenses on the income statement.
  Indicate whether the statement is true or false

[6ana001]

Answer to Question 1

B

Answer to Question 2

F

[Caiter2013]

Wow, this really help

[Joy Chen]

Thanks for the timely response, appreciate it