The Following Items Were Included in the City of Wilson's

question 124

Multiple Choice

The following items were included in the City of Wilson's General Fund expenditures for the year ended June 30,2014:
How much should be classified as capital assets in Wilson's General Fund balance sheet at June 30,2014?

• A) $ -0-.
• B) $ 9,000.
• C) $15,000.
• D) $24,000.

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Definitions:

Effective Annual Interest Rate

The real return on a savings account or any interest-bearing investment, taking into account the effect of compounding interest.

Interest Rate

The proportion of a loan charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Short-term Investments

Assets intended to be converted into cash or sold within a year.

Current Ratio

A financial metric that measures a company's ability to pay off its short-term liabilities with its short-term assets.