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Author Question: A government's General Fund departments purchased electric services from the government's own ... (Read 102 times)

laurencescou

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on: Jul 6, 2018
A government's General Fund departments purchased electric services from the government's own Electric Utility Enterprise Fund. This transaction is an example of an interfund
 
  A. Transfer.
  B. Services provided and used transaction.
  C. Reimbursement transaction.
  D. Loan.

Question 2

Explain why a business would choose to use special journals. Must a business open all four special journals in order to use special journals?


guyanai

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

B

Answer to Question 2

A business that uses one or more special journals can save time because most entries may be made on one line without explanations. Posting time is saved because special column totals are posted at the end of the month. Since fewer postings are required, posting accuracy can be improved. Special journals can increase efficiency because similar entries are grouped in each journal. As a business grows, the use of more than one special journal allows separation of duties for convenience and for internal control. A business may open one or more special journals as its needs change.


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