Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

A. The inclusion of long-term liabilities in the government-wide financial statements and not in the governmental fund financial statements.
B. The inclusion of depreciation of capital assets in the governmental activities column of the government-wide financial statements and not in the governmental fund statements.
C. The additional accrual of some revenues and expenses in the government-wide financial statements that were not made in the governmental fund financial statements.
D. All of the choices are correct.


Answer: D

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A company provided $12,000 of consulting services on account. The customer promises payment in 30 days. Identify the journal entry below that properly records this transaction.

A.

Accounts Payable12,000 
Consulting Services Revenue 12,000

B.
Accounts Receivable12,000 
Consulting Services Revenue 12,000

C.
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Cash 12,000

D.
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Cash 12,000

E.
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Consulting Services Revenue 12,000

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