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The General Fund pays an invoice for telecommunications that includes charges owed by the Water Utility Enterprise Fund. The Enterprise Fund subsequently remits its share of the telecommunications charges to the General Fund. The General Fund records the amount received from the Enterprise Fund as:

(A)An increase to revenue.

(B)An increase to Operating Transfers In.

(C)A decrease in expenses.

(D)A decrease in Expenditures.

The Correct Answer
Explanation

Cartman's Cats has $1,000,000 in assets after purchasing Big Bertha's Birds, along with $500,000 in liabilities. It has 500 shares capital stock outstanding. What is the book value of each share of stock? Mark one answer:

(A)$1,000 (B)$50 (C)$500 (D)$2,000 (E)$500,000

Correct Answer: A

When can I take the CPA Exam

The CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.


The purpose of the trial balance is to:

(A)Check the solvency of the company (B)Identify credits and debits (C)Analyze the accounting period (D)Verify that credits equal debits (E)Find misclassified transactions

Correct Answer: D

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