How should a lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease?
A. Debit to a capital expense/expenditure account.
B. Credit to Lease Obligations Payable.
C. Debit to a lease asset account.
D. Both Debit to a lease asset account and Credit to Lease Obligations Payable are correct.
Answer: D
You might also like to view...
Punctuate the sentence correctly. Rachel suggested we purchase advertising in the Monticello Express the Pinehurst Times and the Rockwell Journal
Frank bought furniture worth $5,230 for his new house and used his credit card to make the payment. However, because of financial constraints, he was unable to clear the outstanding amount within the bank's stipulated time. This resulted in the bank charging Frank an additional $27. This additional amount that Frank needs to pay to the bank is referred to as the _____.
A. rent for balance B. charge-off C. late fee D. credit pay
Commercial Credit Company has in its possession an instrument dated May 1, 2009. The instrument is payable to the order of Alpha Company "on June 1, 2009," for $5,000. In the upper left corner is an address for Beta Corporation-10 Corporate Park Avenue, Chicago, Illinois-and in the lower right corner is the signature of "Delta, Inc., By Eve, President." In the lower left corner is stamped "ACCEPTED: Beta Corporation by Frank, President, May 5, 2009." On the back is the signature of "Alpha Company by Gail, President." Who, if anyone, is primarily liable on this instrument on May 1? On May 5? Who, if anyone, is secondarily liable on this instrument?
What will be an ideal response?
In monitoring project time (schedule) performance, actual performance should be compared to
A. Progress on similar past projects. B. Project network schedule derived from the WBS/OBS. C. Top management's targets. D. Previous status reports. E. Budgets for the current year.