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Accounting Principles for Governments and the Balance Sheet
Instructions: Provide complete answers to the following two problems.
1. Why is it difficult to develop accounting principles that are appropriate for governments within the same category (e.g., cities, counties) and even more difficult to develop them for governments within different categories?
2. Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city’s ten separate special revenue funds. Moreover, you observe that there are no funds for public safety, sanitation, health and welfare, and general administration—all important functions of the government.
- Why do you suppose the city hasn’t attempted to ‘‘even out’’ the assets in the funds?
- Why does it not maintain funds for each of its major functional areas?
An employee regularly earns $15 per hour for an 8 hour day with time and a half for overtime hours. Assuming that the employee works a 12 hour day, the total amount of overtime premium is
some managers to increase sales by offering unauthorized discount(thereby hurting profits). List out internal controls you may want to add or enforce to reduce the likelihood of future misstatements.
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Create a memo identifying as to which of the two (2) entity forms that Clara and Larry should select (considering both Tax and Nontax Factors).
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Indicate whether the following will have a positive or negative EFFECT ON CASH. A positive effect could also be thought of as a source of cash, an increase in cash, or a positive amount on the cash flow statement. A negative effect could also be thou..
Walt's Woodworking Company's Yearly expenses. Make appropriate assumptions about cost behavior and assume labor cost vary directly with the number of units produced. How many units must the company sell in order to earn a pretax profit of $500,000?
Sheila inherited 300 shares of stock, 100 shares of Magenta and 200 shares of Purple. She has a stockbroker sell the shares for her, uses the proceeds for personal expenses, and thinks nothing further about the transactions. What issues does she face..
multiple choice question based on cash flow statement.1. if a gain of 10000 is incurred in selling for cash office
Lebron Co. owns most but not all of the shares of its subsidiary Bryant Inc. ebron reported net income of $124,700. The amount to be attributed to the non controlling inert in Bryant is $30,000. Indicate how Lebron will report the non controlling int..
Indicate which of the following accounts will be closed to Income Summary at year-end. Cash, Office Supplies Expense, Unexpired Insurance, Unearned Revenue.
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