A liability is recorded in governmental funds when the:
A: Goods or services are
ordered.
B: Vouchers are approved for payment.
C: Invoices are paid.
A: Goods or services are
ordered.
B: Vouchers are approved for payment.
C: Invoices are paid.
举一反三
- At the end of September, Jack received a bill for fuel used in September. Payment is not due until October 30. This transaction A: should not be recorded in the accounting records until October. B: causes a decrease in assets and in owners' equity in October when the bill is paid. C: should be recorded as an expense of September, regardless of the payment date. D: is recorded as a liability in September, but is not considered an expense until paid.
- When will the ordered goods be delivered? ( )
- Payment must be made in advance as we do not accept payment ______ delivery when popular items are ordered. A: (A) to B: (B) within C: (C) upon D: (D) following
- when talking about ’returning goods or services’:
- When computing the cost of the basket of goods and services purchased by a typical consumer, which of the following changes from year to year? A: The quantities of the goods and services purchased. B: The prices of the goods and services. C: The goods and services making up the basket. D: All the choices are correct.