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11. Which of the following statements best describes the accounting for a capital lease? A) B) C) D) A capital lease is recorded at its present value. A capital lease is recorded as an expenditure, not as a long-term asset. The liability relating to a capital lease is reflected on the balance sheet. Both A and B. 12. Which of the following best describes how revenues from property taxes are recognized? A) Revenues from property taxes are recognized when the taxes are paid. B) Revenues from property taxes are recognized when they are both measureable and C) D) available Revenues from property taxes are recognized when tax bills are sent out. None of the above 13. Which of the following is true? A) A budget is a form of control usually having the force of law B) A legally adopted budget provides both authorizations of and limitations on amounts that may be spent for particular purposes C) Budgets are typically only established for planned expenditures since revenues are uncertain. D) Both A and B are true. 14. Which of the following best describes an "expenditure"? A) An expenditure is a line item in the income statement that reduces profit for the period. B) An expenditure is a planned payment of money C) An expenditure is an accrual that must be made before financial statements are issued to recognize an obligation. D) An expenditure is a payment of money. 15. Which of the following statements is true? A) B) C) D) The journal entry to record the proceeds of long-term debt includes a credit to revenue The journal entry to record the proceeds of long-term debt includes a credit to a long-term liability account. The journal entry to record the proceeds of long-term debt includes a credit to other financial sources. None of the above are true