Which of the Following Accounts Would Not Be Found in the Year-End

question 64

Multiple Choice

Which of the following accounts would not be found in the year-end General Fund balance sheet of a city?

• A)Cash
• B)Allowance for Uncollectible Taxes
• C)Land--Parks
• D)Fund Balance--Reserved for Encumbrances

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Definitions:

Gross Method

Accounting treatment for purchase discounts where discounts are not considered until actually taken.

Note Payable

A promissory note from the maker’s point of view.

Interest Accrued

The accumulation of interest on a loan or bond that has been earned but not yet paid.

Periodic Inventory Method

An inventory accounting method where physical counts are used to determine the cost of goods sold and ending inventory at specific intervals.