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With regard to depreciation of general capital assets
a. Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
b. Depreciation expense should be charged to the appropriate functions reported in the statement of activities for the governmental activities.
c. depreciation expense must be recorded in the governmental fund, but no depreciation expense can be recorded in the governmental activities accounts.
d. No depreciation can be recorded in any governmental fund, nor is it permissible to record depreciation expense in the governmental activities accounts.
Questions based on partnership. a)Write definition of partnership? b) Name and discuss the characteristics of a partnership c) Advantages of a partnership as a form of business
A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.
In business, there is a tension between the principals (stockholders) and agents (managers). The managers may choose policies that increase short-term profitability (and their bonuses) at the expense of long-term profitability.
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Compute the cost of (a) products transferred from production to finished goods ..
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision of the Tax Court. Which one of the following is true?
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration.
Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabili..
State how the concept of "professionalism" in the public accounting industry shifted or evolved between Federal Trade Commission's "restraint of trade" decision in the early 1970s and today, several years following passage of the Sarbanes-Oxley Ac..
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