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Directions: 100 words on question 2 only.
We have talked a lot about the differences between government wide statements and fund statements. Now we are looking at the actual conversion of fund statements to government-wide.
1. What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
2. Through what tool or method is the conversion accomplished? And alternately, how is it NOT accomplished?
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
Make the required end-of-period adjusting entries for each independent case listed below.
Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,600,000. Discuss the advantages and disadvantages of each plan.
Generally Accepted Accounting Principles (GAAP) is based on accrual accounting. Define and describe accrual accounting and provide examples
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
An owner decides that he wants to go ahead with manufacturing; he must spend $900,000 for the new equipment-Calculate the NPV for this project. Should it be undertaken?
Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Using the information, prepare an income statement and a balance sheet for the Parsons Corporation.
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
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