A December 2017 year-end government should record which of the following as expenditures:

Question

Quizplus · Accepted Answer

Only Salaries payable would be recorded at year end. Bonds payable would be recorded when due. Debt service expenditures are not accrued, but are recognized and fund liabilities are recorded on the maturity date. Recorded when due but may be accrued at year end if the debt service due date is less than 30 days after year end.

A December 2017 Year-End Government Should Record Which of the Following