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The estimated revenues control account of star city general fund is eliminated when:
a. the city's tax receipts are measurable and aviable.
b. the budget is recorded.
c. appropriations are made.
d. budgetary accounts are closed.
You are auditing Diverse Carbon, a manufacturer of nerve gas for the military-The company’s legal counsel indicates that the company is liable, but the company does not want to disclose this information in the financial statements.
What is the essential procedural difference between work paper eliminating entries for unrealized intercompany profit when the selling affiliate is a less than wholly owned subsidiary and such entries when the selling affiliate is a parent company..
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Suppose that a person won the Florida lottery and was offered a choice of two prizes: (1) $500,000 or (2) a coin-toss gamble in which he or she would get $1 million if a head were flipped and zero for a tail.
What is the return on common stockholders' equity?
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
On this date the banks prime rate was 11%. The first payment for interst and principle was made on September 1 2011. At december 31 2001, Herman should record accured insterst payable.
Prepare a journal entry required on Dexter's books on May 1. Prepare the journal entry required on quick's finance books on may 1.
Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the offer, and agrees to pay for the goods. Later, Jane refuses to accept or pay for the goods. If Shelly sues Jane for breach of contract, what is the probable result?
What is the purpose of the "Accumulated Adjustments Account" (AAA)? What types of items increase it or decrease it?
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
You're a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security.
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