Which of the following statements is false? A) All of the governmental funds use the modified accrual basis of accounting.
B) Debt service funds are required to report accrued interest payable.
C) General fixed assets that are acquired with governmental fund resources are recorded as expenditures in the governmental funds but are displayed as capital assets in the governmental-wide financial statements.
D) Permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

What is the relationship between the national response framework and the national incident management system (nims)? a. the national response framework replaces the nims, which is now obsolete. b. the response protocols and structures described in the national response framework align with the nims, and all nims components support response. c. the nims relates to local, state, and territorial operations, whereas the nrf relates strictly to federal operations. d. the nims and the national response framework cover different aspects of incident management—the nims is focused on tactical planning, and the national response framework is focused on coordination.

Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. what fundamental economic question are they addressing by offering this range of items?