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The two types of proprietary funds are:-
1) Enterprise funds - It is used to account the activity for which fee is charged to external users of goods or services. Activities are reported as enterprise funds in principal revenue sources, if the following criteria is met
i) The pricing policies of establish fees and charges design to recover the costs including capital costs like depreciation.
ii) Laws or regulations require activity cost of providing service including capital costs such as debt service to be recovered with fees and charges, rather than taxes.
iii) The activity is finances with debt which is secured only by pledge of net revenues from fees and charges of activity.
2) Internal service funds - It is used to account the provision of goods or services by one agency to other departments of the state, other governmental units on a cost reimbursement basis. Internal service funds should be used only if state is predominant participant in the activity.
In what sutation would these type of fund be used?
Analyze the impact of erroneous classifications in the operating activities section of the cash flow statement on free cash flow and how this distortion can impact the decisions made by financial statement users.
Now compute the present value of the income stream from the gold mine at a discount rate of 5%, and at a discount rate of 3%
What is her 2010 gift tax liability under the assumption that she made the $200,000 of taxable gifts in 1974 instead of 1997?
During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins?
When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be:
What are the differences between accrual and cash basis accounting? Why is cash accounting not appropriate for financial reporting?
Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is:
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
Elysian Fields Inc uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $25,000; project Helium requires an initial outlay of $35,000.
What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
Khalid Company began business on January 1, 20X1, with assets of $150,000 cash and equities of $150,000 capital stock. In 20X1, it manufactured some inventory at a cost of $60,000 cash.
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
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