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Author Question: Which of the following are nominal accounts? a. Merchandise Inventory b. Capital c. Expenses d. ... (Read 75 times)

PhilipSeeMore

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on: Jul 6, 2018
Which of the following are nominal accounts?
 a. Merchandise Inventory
  b. Capital
  c. Expenses
  d. Cash

Question 2

A government defeased in substance 10 million of old Enterprise Fund bonds by paying 12 million into a qualifying trust for that purpose. The refunded bonds had an unamortized premium of 200,000 and bond issue costs of 50,000 .
 
  No borrowed resources were used to accomplish the defeasance. What amount of deferred interest expense should the government report?
  a. 0
  b. 1,850,000 debit
  c. 1,800,000 debit
  d. 1,850,000 credit


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onowka

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Reply #1 on: Jul 6, 2018
Answer to Question 1

C

Answer to Question 2

B


PhilipSeeMore

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

apple

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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