If a Governmental Entity Issued a Six-Month, $400,000 Note Payable

question 48

Multiple Choice

If a governmental entity issued a six-month, $400,000 note payable at 6% interest three months prior to the fiscal year end to help finance a new fire station, Capital Projects Fund interest payable should be accrued as of the end of the fiscal year in the amount of

• A) $0.
• B) $6,000.
• C) $12,000.
• D) $24,000.

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Definitions:

Economics

The social science that studies the production, distribution, and consumption of goods and services, focusing on how individuals, businesses, governments, and nations make choices about allocating resources.

Politics

The activities, actions, and policies used to gain and hold power in a government or to influence governance.

Conventional Family Engagement

Traditional forms of involving families in the educational and developmental processes of their children, often through schools and community settings.

Deficit Family Engagement

Refers to situations where there is a shortfall or lack of involvement and participation by families in the educational and developmental process of their children.