Which of the Following Accounts Would Be Least Likely to Appear

question 10

Multiple Choice

Which of the following accounts would be least likely to appear in an Enterprise Fund statement of net position (balance sheet) ?

• A)cash and cash equivalents
• B)general obligation bonds payable
• C)net investment in capital assets
• D)equipment acquired under capital leases

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Definitions:

Indirect Materials

Materials used in the production process but not directly traceable to a finished product, such as lubricants and adhesives for machinery.

Payroll Payable

A liability account that records the amounts owed to employees for wages or salaries that have been earned but not yet paid.

Work-in-Process Inventory

Work-in-process inventory includes all the materials, labor, and overhead costs for products that are in the production process but are not yet complete.

Labor Distribution Report

A report issued by the payroll department to categorize all the types of labor incurred during the week.