Governmental fund financial statements are to be prepared on the accrual basis of accounting.
Answer the following statement true (T) or false (F)
False
Governmental fund financial statements are prepared using the modified accrual basis of accounting.
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On March 1, 2018, Barker Services issued a 5% long-term notes payable for $21,000. It is payable over a 3-year term in $7000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018?
A) $21,000 shown as current liability only B) $7000 shown as current liability and $21,000 shown as long-term liability C) $7000 shown as current liability and $14,000 shown as long-term liability D) the entire $21,000 shown as long-term liability
Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense$180,000 Interest expense 10,000 Rent expense 20,000 Consulting revenue 400,000
A. $210,000. B. $230,000. C. $610,000. D. $190,000. E. $400,000.
Explain the order of assets and liabilities in the balance sheet under U.S. GAAP and IFRS
Rentokil Initial allows clients to purchase sector-specific solutions that deliver multiple services but feature just "one invoice, one account manager, one help desk, one contract, and one motivated service team."
Indicate whether the statement is true or false