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ACC504 Midterm Exam Latest (25 mcqs and 5 long questions)

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ACC504 Midterm Exam Latest (25 mcqs and 5 long questions) ACC504 Midterm Exam Latest (25 mcqs and 5 long questions) ACC504 Midterm Exam Latest (25 mcqs and 5 long questions) ACC504 Midterm Exam Latest (25 mcqs and 5 long questions) ACC504 Midterm Exam Latest (25 mcqs and 5 long questions) ACC5...

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  • February 2, 2022
  • 24
  • 2021/2022
  • Exam (elaborations)
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ACC504 Midterm Exam Latest




Question


Question 1 Which of the following is properly reported as a liability of the General Fund?


Question 1 options:


Accounts payable


General obligation bonds payable


Tax anticipation notes payable


Both b and c are correct


Question 2 Debt

service funds are used to record:


Question 2 options:


Neither principal nor interest payments of debt issues.


Only interest payments on debt issues.


Both principal and interest payments of debt issues.


Only principal payments of debt issues.


Question 3 When a vehicle is ordered by a government, the purchase order should be recorded in

the General Fund as a debit to

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