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Question:
(a) ‘Public accounting is often called fund accounting'.
Describe what you understand by the term ‘fund accounting'.
(b) "What's the difference between national defence and pizza?", asked your public finance professor.
Required:
(i) Distinguish between a public good and a private good.
(ii) Describe your understanding of the ‘market failure' phenomenon.
(iii) What is the free-rider problem?
(c) Public accounting is said to "mirror" the budget. Explain.
(d) The role of the Public Expenditure Management System (PEMS) is to allocate and use resources responsively, efficiently and effectively'.
Briefly describe the above statement with particular emphasis on the highlighted terms. Your may illustrate your answer with examples.
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shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1,2011, the corporation had outstanding 105 mill
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Ely purchased a patent (with a remaining legal life of ten years) from Backo on January 1, 2010 for $300,000. Ely expected to use the patent for five years. The carrying value on B
what is the process to complete my debtor management project.
Financial risk is the likelihood of a company experiencing changes in the level of its distributable earnings as a result of the need to make interest payments on debt finance or p
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
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