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State whether these statements are true or false. For any false statement explain why it is false.1. In the fund financial statements the General Fund should always be reported as a major fund.2. In the fund financial statements a government may elect to report any governmental or Enterprise Fund as major if the government considers financial information on that fund particularly important to statement users.3. Notes to the financial statements are a form of required supplementary information.4. When the financial data of a component unit are blended with the financial data of a primary government the blended data are presented in both the fund financial statements and the government wide statements.5. In the fund financial statements Enterprise Funds must be presented using the current financial resources measurement focus and the modified accrual basis of accounting.6. Fiduciary funds are not reported in the fund financial statements but instead are aggregated and reported in a single column in the government wide financial statements.7. A state government that receives a grant from the federal government to construct a firehouse should report the resource inflow as revenues in the Capital Projects Fund.8. Net assets are reported as restricted in proprietary funds only if the restrictions are imposed by the entity constitution or statute.
assume you are opening a bed bath and beyond store. to finance the business you need a 500000 loan and your banker
sam sue and shelley formed a partnership. sam received a 50 percent interest in the partnership in exchange for land
Barbara sells a house with a FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of:
According to the textbook, the world adds about __________ of CO2 to the atmosphere from fossil fuel combustion each year, whereas sustainable, stable amounts would be about __________.
Can the owner change the type of stock after the fact? If the owner could change the stock (I'm not saying it is or it isn't.), would this be ethical?
In 2011,Bodily Corporation reported $300,000 pretax accounting income.The income tax rate that year was 30%.Bodily had an unused $120,000 net operating loss carryforward from 2009 when the tax payable rate was 40%. Bodily income tax payable for 20..
in the general meeting of friends club sameer said the repairs to the club will come to a total of rs 3120 and i
1 a credit sale of 3275 to a customer would result ina a debit to the accounts receivable account in the general
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
What are the most effective ways to prevent the commission schemes? When they occur, what are the best ways to detect them?
Assume that the equipment in the item 6 was contributed by the city and that the pricing objective was to recoup the cost of equipment in the rate charged over the life of the equipment.
selected account balances before adjustment for newhouse realty at march 31 2012 the end of the current year are as
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