1
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
2
Q
What requires more disclosures: GAAP or IFRS
A
IFRS
3
Q
Govt: Proceeds from sale of capital assets is special item
A
remember
4
Q
Govt: All taxes are general revenue even if levied for specific purpose
A
remember
5
Q
Recover increases Allowance for uncollectibles
A
remember
6
Q
Write off results in reduction in both A/R and Allowance for uncollectibles
A
remember
7
Q
other name for quick ratio
A
acid test ratio
