Unless Otherwise Prohibited Custodial Relationships Can Be Reported in the General

question 21

True/False

Unless otherwise prohibited custodial relationships can be reported in the General Fund rather than a custodial fund.

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Definitions:

Journalize

The process of recording financial transactions in the chronological order in a company's general journal.

Depreciation

Systematic assignment of a tangible asset’s value over its functional lifespan.

Adjusting Entry

An accounting entry made in the general ledger to record changes in account balances not captured during the accounting period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in the net profit or loss.