Author Question: Which statement is NOT true about the Chart of Accounts? a. The order of the chart of accounts is ... (Read 113 times)

RYAN BANYAN

  • Hero Member
  • *****
  • Posts: 563
Which statement is NOT true about the Chart of Accounts?
 a. The order of the chart of accounts is important.
  b. The first digit in the account number helps identify and organize the accounts in the chart.
  c. Income statement accounts are listed before balance sheet accounts.
  d. None of the above are true.

Question 2

The town of Newport issued 1,500,000 of general obligation refunding bonds at a 2 premium. Bond issuance costs of 15,000 were incurred. The proceeds, net of the premium, are being used to refund the outstanding bonds.
 
  Debt Service Fund Expenditures will be debited for
  a. 30,000
  b. 15,000
  c. 1,500,000
  d. 1,470,000
  e. 1,455,000



mcinincha279

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

C

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

For a complete list of videos, visit our video library