Author Question: A government may elect not to report depreciation expense on which type of capital assets? a. ... (Read 32 times)

BrownTown3 · **on:** Jul 6, 2018

A government may elect not to report depreciation expense on which type of capital assets?

a. Capital assets with original useful lives in excess of 25 years
b. Infrastructure capital assets
c. Capital assets acquired by the General Fund
d. None of the above

Question 2

If a painting company receives 80,000 in advance for services to be performed in both the present fiscal period and the following fiscal period, the best entry would be
a. debit Cash; credit Painting Revenue.
b. debit Cash; credit Accounts Payable.
c. debit Cash; credit Unearned Painting Revenue.
d. debit Cash; credit Other Income.
e. debit Painting Revenue; credit Unearned Painting Revenue.