Deck 2 Flashcards by hk buckle

Q

Govt: Other financing sources are credited for

A

Long term debt. Short term debt secured by taxes doesn’t result in other financing sources but Tax anticipation notes payable

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Q

What requires more disclosures: GAAP or IFRS

A

IFRS

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Q

Govt: Proceeds from sale of capital assets is special item

A

remember

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Q

Govt: All taxes are general revenue even if levied for specific purpose

A

remember

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Q

Recover increases Allowance for uncollectibles

A

remember

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Q

Write off results in reduction in both A/R and Allowance for uncollectibles

A

remember

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Q

other name for quick ratio

A

acid test ratio

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