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Assume a federal agency places orders for contracted services supporting a federal program. The journal entries at the agency level to record this eve

Feb 12, | ACCT

Assume a federal agency places orders for contracted services supporting a federal program. The journal entries at the agency level to record this event will include:

a credit to the account Expended Appropriations

a debit to the account Allotments

Both of the choices are correct.

Neither of the choices is correct.

Which of the following statements is not accurate with respect to private not-for-profits? Multiple Choice The excess of assets over liabilities is te

Feb 12, | ACCT

Which of the following statements is not accurate with respect to private not-for-profits?

Multiple Choice

The excess of assets over liabilities is termed net assets.

The financial statements of private not-profits do not report by fund.

The FASB has identified two classes of net assets for not-for-profits: unrestricted and restricted.

Private not-for-profits report both current and long-term assets and liabilities and measure revenues and expenses using the accrual basis of accounting.