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A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?
a) Debit Estimated Revenues $500; Credit Appropriations $490; Credit Fund Balance $10.
b) Debit Appropriations $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
c) Debit Encumbrances $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
d) Memorandum entry only.
The following department data are avalable :Total materials costs $ 120000 equivalent units of materials 60000 total conversion costs $ 70000 Equivalent units of conversion costs 30000 what is the total manufacturing cost per unit?
The company's required rate of return is 13%. (Ignore income taxes.)What is the net present value of the investment of the machine?
The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year.
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There are four steps in the auditor's process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
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