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State whether these statements are true or false. For any false statement explain why it is false.1. In the fund financial statements the General Fund should always be reported as a major fund.2. In the fund financial statements a government may elect to report any governmental or Enterprise Fund as major if the government considers financial information on that fund particularly important to statement users.3. Notes to the financial statements are a form of required supplementary information.4. When the financial data of a component unit are blended with the financial data of a primary government the blended data are presented in both the fund financial statements and the government wide statements.5. In the fund financial statements Enterprise Funds must be presented using the current financial resources measurement focus and the modified accrual basis of accounting.6. Fiduciary funds are not reported in the fund financial statements but instead are aggregated and reported in a single column in the government wide financial statements.7. A state government that receives a grant from the federal government to construct a firehouse should report the resource inflow as revenues in the Capital Projects Fund.8. Net assets are reported as restricted in proprietary funds only if the restrictions are imposed by the entity constitution or statute.
mallcentral sells 1000000 hardcover books a day at an average price of 30. assume that mallcentrals purchase price for
a equipment was purchased for 800000 on january 1 2014. it has an estimated useful life of 8 years and a residual value
Also use an example to explain to her the importance of cost estimation. Mickelle is very good at math so she will be interested in the accuracy of visual fit, high-low, or least-squares regression.
identify the job aspects educational requirements and preeminent accounting fields in which to work.determine at least
beyonceacute corporation factors 175000 of accounts receivable with kathleen battle financing inc. on a with recourse
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
Anaconda Mining Company shipped 9,000 tons of copper concentrate for $450,000 in March and 11,000 tons for $549,000 in April. Shipping costs for 12,000 tons to be shipped in May would be expected to be:
p corporation acquired 80 of s corporation on january 1 2011 for 240000 cash when ss stockholders equity consisted of
hermann industries is forecasting the following income statement hermann industries is forecasting the following
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores.
during september the capital expenditure budget indicates a 420000 purchase of equipment. the ending september cash
the following is a statement by a management consultantmany managers claim that budgets are impractical because
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