The governmental funds follow ________ where the government-wide statements follow ________.
A. accrual accounting, modified accrual accounting
B. modified accrual accounting, accrual accounting
C. accrual accounting, accrual accounting
D. none of the above
Answer: B
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A $750 gain on the sale of an asset means that $750 in cash was received
Indicate whether the statement is true or false
An abstract is a _____________________ of a report's content
a. refutation b. list of citations c. very short distillation d. technical drawing
To perfect a security interest in a negotiable document, Second State Savings and Loan should
a. file a financing amendment. b. take possession of the instrument. c. do nothing. Perfection is automatic. d. secure a court order.
Which of the following potential losses is not an example of a pure risk?
A) Loss of a home by fire B) Theft of a car C) Loss of $10,000 in the stock market D) Theft of your wallet containing $100