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An objective of business enterprise financial reporting is to provide information about an enterprise, performance provided by measures of earnings and its components. City governments how-ever are not concerned with earnings One of the financial reporting objectives cited by the GASB regarding governments is that reporting should show whether current- year revenues were sufficient to pay for current- year services. Based on these objectives, comment on the following assertionsa.Accrual accounting is not necessary in governmental financial reportingb.Financial reporting alone is insufficient for measuring governmental performance there is also a need for reporting on program efficiency and effectiveness.
Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net..
samson inc. is contemplating the purchase of a machine that will provide it with the net after-tax cash savings of
Bonadio Ekectrical Supplies distributes electrical components to the construction idustry. The company began as a local suookier 15 yrs ago and has rwon rapidly to become a major competitor in the north central US.
On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an interest rate of 8%.
on its december 31 2010 balance sheet calhoun company appropriately reported a 10000 debit balance in its securities
On March 1 2013 Jimenez purchased a one year insirance policy for 2400. On that date Jimenez debited prepaid insurance for 2400. If Jimenez desires to prepare financial statements at the end of March the adjusting journal entry would include:
abc corp produces alphabet flash cards for grammar schools. they forecast that they will need to produce 90000 sets of
southern fabric factors all of its receivables. the firm does 150 million in business each year and would have an acp
on january 1 2013 g corp. granted stock options to key employees for the purchase of 89000 shares of the companys
bloom orchards produced a good crop of peaches this year. after preparing the following income statement the company
a retail outlet changed its computation for bad debt expense from 1 to frac12 of 1 of sales because of changes in its
How does activity-based costing differ from other forms of costing? What about activity-based management? Are activity-based costing and management suitable to all companies? Why or why not?
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