Internal Service Funds

question 43

Multiple Choice

Internal Service funds:

• A)​have restricted assets.
• B)use budgetary accounting.​
• C)​must recover their costs, including depreciation, or be subsidized.
• D)​record expenditures for resources used.

Appreciate the importance of intervention strategies in applied social psychology.

Understand the influence of social situations and individual differences on behavior.

Identify the contributions of key figures and historical perspectives in applied social psychology.

Describe the scientific methods and goals of applied social psychology.

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Definitions:

Time Period Assumption

An accounting principle that allows the business activities to be divided into artificial time periods for financial reporting.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjustments have been made for journal entries.

Current Liability

An obligation due to be paid within a year, including accounts payable, short-term loans, and other similar debts.

Notes Payable

Financial obligations represented by promissory notes, where the borrower agrees to pay back a specified sum of money on demand or at a determined future date.