Author Question: A controlling account can be found in the a. general ledger. b. source documents. c. accounts ... (Read 73 times)

debasdf · **on:** Jul 6, 2018

A controlling account can be found in the
a. general ledger.
b. source documents.
c. accounts receivable ledger.
d. income statement.
e. accounts payable ledger.

Question 2

Which of the following statements regarding the accounting for investments in governmental funds is false?

a. Interest receivable should be accrued as it is earned.
b. Interest revenue should be recognized on a cash basis.
c. Interest revenue is accrued as it meets the availability criteria.
d. Decreases in the fair market value of investments may result in a decrease of investment income.
e. Items b and d are both false.