When comparing expenditures and revenues of various levels of U.S. government since 1960 it is true that the
a. federal government usually has been in surplus, while state and local governments have been in deficit.
b. federal government and state and local governments all usually have been in surplus.
c. federal government and state and local governments all usually have been in deficit.
d. federal government usually has been in deficit, while state and local governments have been in surplus.
d. federal government usually has been in deficit, while state and local governments have been in surplus.
You might also like to view...
Jayson Enterprises uses the allowance method to account for uncollectible receivables. When an uncollectible account is written off, ________.
A) the Bad Debt Expense account is debited B) no entry is required because bad debt expense is estimated at the end of the accounting period C) the write off has no effect on net income D) the Allowance for Bad Debts account is credited
Anecdotal evidence comes from ________
A) research papers published in the past B) online database and websites C) subjective reports and stories that people tell D) videos and photographs E) archived manuscripts and reports
Journal entries made at the end of the accounting period to bring the revenue and expense accounts, as well as the asset and liability accounts, up to date are called closing entries
Indicate whether the statement is true or false
On January 1, Power House Co prepaid the annual rent of $10,140 . Prepare the journal entry to record this transaction