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When an Internal Service Fund (ISF)enters into a Capital Lease

question 49

Multiple Choice

When an internal service fund (ISF) enters into a capital lease the transaction is recorded in the:
I.fixed assets of the ISF.
II.long-term debt of the ISF.

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Definitions:

Chain of Command

The hierarchical structure within an organization that outlines authority and responsibility relationships.

Delegation

The act of assigning authority and responsibility to others to carry out specific activities while maintaining accountability for the outcome.

Line of Authority

The hierarchical structure in an organization that outlines reporting relationships and the flow of decision-making power.

Chain of Command

The chain of command is a system in an organization that defines the hierarchical line of authority and communication from top leadership to lower-ranking employees.

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