A government retired a short-term note payable of a governmental fund by paying the $1,000 of...

  

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A government retired a short-term note payable of a governmental fund by paying the $1,000 of principal and $30 of interest that were due. The effect of this transaction on the governmental fund from which the payment was made is to reduce its fund balance by how much? A. $O B. $1000 C. SL030 D. $30 Fund accounting: A. groups funds for budgeting purposes. B. Is of limited usefulness in accounting for general government activities. C. Is the key allocation mechanism used in government. D. segregates resources according to the purposes or activities for which they are to be used. Submit Answun Which of the following increase net position in the GCA-GLTL accounts? O A. Issuance of general long-term debt B. Purchase of general government equipment for cash C. Purchase of general government office supplies for cash D. Sale of general government equipment at a gain Submit Answers A government retired a short-term note payable of a governmental fund by paying the $1,000 of principal and $30 of interest that were due. The effect of this transaction on the governmental fund from which the payment was made is to reduce its fund balance by how much? A. $O B. $1000 C. SL030 D. $30 Fund accounting: A. groups funds for budgeting purposes. B. Is of limited usefulness in accounting for general government activities. C. Is the key allocation mechanism used in government. D. segregates resources according to the purposes or activities for which they are to be used. Submit Answun Which of the following increase net position in the GCA-GLTL accounts? O A. Issuance of general long-term debt B. Purchase of general government equipment for cash C. Purchase of general government office supplies for cash D. Sale of general government equipment at a gain Submit Answers

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1 Answer C 1030 To record repayment of note payables and interest t... View the full answer