Answer: False
Explanation:
False.
Long term debt is a debt owed by an economic entity which could either be the inividual, a business or the government and such debts are expected to mature in a period of at least one year.
It should be noted that the long term debt isn't reported in fund level financial statement but rather it's reported in government wide statements.
The amount of cash received from credit sales during the month of may $676,000. In general credit sales is equals to total sale multiply by credit sales ratio.
What is credit sales?
Credit sales = Closing debtors + Receipts - Opening debtors.
Credit sales are transactions in which the debt will be paid in full at a later time. In other words, credit sales are transactions in which customers make purchases but do not pay in full, in cash, at the time of the transaction.
A manual for bookkeeping. Recognition of Revenue. Sales are recorded as a credit since the journal entry's opposite, which is typically a debit to either the cash or accounts receivable account, is a credit. In essence, the credit raises shareholders' equity while the debit increases one of the asset accounts.
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<span> I'd go with B ,money markets can generally be cashed out at the end of any business day with no penalties or transaction fees. 3 year CDs usually have a prepayment penalty, and stocks and bonds have to be traded on an exchange which involves transaction fees and the risk the prices may have fallen. I would choose B.</span>
