The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.
The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The general fund pays rent for two months. Which of the following is not correct?
- Rent expense should be reported in the government-wide financial statements.
- Rent expense should be reported in the general fund.
- An expenditure should be reported in the fund financial statements.
- If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.
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