For Fund Financial Statements, What Account Is Credited When a Piece

question 18

Multiple Choice

For fund financial statements, what account is credited when a piece of equipment is leased on a capital lease?

• A) Equipment-Capital Lease.
• B) Encumbrances-Long Term.
• C) Encumbrances-Lease Obligations.
• D) Capital Lease Obligation.
• E) Other Financing Sources-Capital Lease.

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Definitions:

Cost Data

Information related to the expenses incurred for producing a product or delivering a service.

Personal Interactions

The exchange of information and feelings between individuals or groups, often impacting the development of relationships.

Job Cuts

A reduction in the number of employees typically due to financial strains or organizational restructuring.