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Which of the following is true regarding capital projects funds?
A) All budgetary accounts are employed in the same manner as for the General and special revenue funds.
B) Encumbrances accounting is not normally employed, but estimated revenues and appropriations accounts are used.
C) No budgetary accounts are ever used.
D) Encumbrances accounting is employed, but since capital projects funds are project-oriented, not oriented to the annual budget, the year-end closing entries are really interim entries in the life of the project.
Why is cost accumulation simpler in a process costing system than it is in a job-order costing system?
Determine the inventory value using both the temporal and current methods. Show how this will be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages. Use the following information for this calculation:
When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the possible misstatement in either direction. This statistical concept is known as
FTC company has been growing at a rate of 20% per year in recent years. The same growth is expected to last for another 2 years. The current dividend (ie: just paid is 1.60 the required rate of return is 10% and the growth after 2 years is expecte..
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software. 1) Explain to him the rules of debits and c..
The company plans on producing 40,000 units and actually did, Sales totaled 37,000 at $42 each. Costs: The companies variable-costing net income would be:
The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.
As Jonah wades through huge piles of the inventory and questions the team on operations, he quickly identifies the problem. Which of the implemented methods above does Jonah contribute to stacks of inventory?
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
As a monopoly, compute Quick Tax's output, price, and profits at the profit-maximizing activity level.
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