Multiple Choice
Use the following information to answer the question(s) below.
The town of Mayberry receives a gift of $500,000 in bonds. The contributor instructs that the principal should remain intact, but the annual interest income of $50,000 can be used for the maintenance of the zoo animals.
-When the donation of bonds is received,what account should be debited?
A) Encumbrance
B) Other Financing Sources
C) Other Financing Uses
D) Investment
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Under accrual accounting,revenues are generally recognized in
Q3: A pre-closing trial balance included the
Q4: A restricted fund balance represents amounts that
Q5: Use the following information to answer the
Q6: When the interest income of $50,000 is
Q7: Under the modified accrual basis of accounting,fixed
Q8: The following information regarding the fiscal year
Q9: Capital project funds may be used for
Q10: Permanent funds are normally for nonexpendable resources
Q11: Bounty County had the following transactions in