Which of the following statements is not true regarding modified accrual accounting?
A. Expenditures and fund liabilities are recorded when goods and services are received.
B. Expenditures for claims and judgments and landfill post-closure care costs of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.
C. Compensated absences and special termination benefits of governmental funds that will not be paid with available resources should be reported as liabilities in the government-wide statements.
D. Debt service expenditures for principal and interest are accrued.
Answer: D
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If stock is issued at a price above par value, the transaction that would be recorded is to
a. debit Cash, credit Common Stock or Preferred Stock, and credit Paid-In Capital in Excess of Par. b. debit Common Stock or Preferred Stock, debit Paid-In Capital in Excess of Par, and credit Cash. c. debit Cash, debit Common Stock or Preferred Stock, and credit Paid-In Capital in Excess of Par. d. debit Paid-In Capital in Excess of Par, credit Common Stock or Preferred Stock, and credit Cash.
Earnings retained in a corporation are recorded by closing the income summary account to the ____________________ account at the end of the period
Fill in the blank(s) with correct word
Pacific Green Company (PGC) provides landscaping services to individual and corporate customers in southern California. Heather F originally founded PGC as a lawn mowing service while she attended graduate school. It became so successful that she delayed her teaching career to concentrate on building the company. This case describes PGC's processes for maintaining trucks.PGC contracts for truck maintenance with local truck repair shops. A purchasing agent will negotiate a truck maintenance contract for each type of truck with a truck repair shop that specializes in those types of trucks. If the purchasing agent cannot negotiate satisfactory contract terms, the contracting process terminates. The process then starts over until contracts are in place.When trucks are due for maintenance or
repair, a PGC truck driver takes its trucks to the contracted shops. A PGC purchasing agent approves each maintenance invoice after carefully checking it against the contract terms and to confirm that the required maintenance or repairs are made. If the maintenance complies and the repairs were satisfactorily performed, PGC assigns a purchase number to track the purchase of maintenance. A PGC cashier then pays the truck maintenance vendors. If the invoice does not comply with the terms of the contract, the PGC purchasing agent returns the invoice for correction. If the repairs are not satisfactory, the purchasing agent takes the truck back so the shop can perform the repairs or maintenance satisfactorily.REQUIRED: Using the description above, correct the following BPMN activity diagram to accurately depict the PGC truck contracting and maintenance process.
What will be an ideal response?
Only product costs are recorded on job cost sheets.
Answer the following statement true (T) or false (F)