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Mayor Meier served for many years as the chief executive officer of a city. During that time he used his red pencil liberally when reviewing the draft of the introductory section of the CAFR, prepared by finance director Ted Gee. For example, when Ted made reference to large amounts of accumulating leave and unsettled claims that might affect future General Fund expenditures, Meier struck it out. When Ted discussed the implications of the city, recent issuance of large amounts of general obligation debt, with debt service payments scheduled to begin 10 years after the bonds were issued, Meier crossed it out. When Ted mentioned in the introductory section that the city had been neglecting to maintain its capital assets, Meier struck that out also. Ted never even bothered to mention that the city, credit rating had been gradually reduced during Meier tenure knowing that the mayor would surely delete it.Last year, the city implemented the requirements of GASB Statement No. 34. Ted Gee read its requirements carefully. He made the necessary accruals when he prepared the government wide financial statements. He also concluded that many of the deleted comments he had made in previous years, drafts of the introductory section and other comments that he hadn't made should now be made in the MD & A. Ted made all the comments he felt were needed to comply with the MD & A requirements of GASB Statement No. 34 and gave his draft of the MD & A to the mayor. The mayor applied his red pencil in the usual manner and dumped the draft on Ted, desk. What should Ted do?
company xx has multiple divisions for production of windows. the frames are produced in the frame division. when
Direct materials costs $39,200 Conversion costs $30,800 Manufacturing costs added during the accounting period. How many of the units that were started during October were completed during October?
Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making.
during the period wong company sold some excess equipment at a loss. the following information collected from the
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2014, the company amends its pension agreement so that service costs of $250,000 are created. Other data related to the pension plan are as follows.
To be successful, all businesses must perform periodic assessments to determine the efficiency of operations. Whether you are an owner, a manager, or a frontline employee,
prepare a cash receipts journal based on the information given below and post it to the accounts receivable subsidiary
diana company a sole proprietorship sells only one product. the regular price is 160. variable costs are 55 of this
for these assignments you are asked to prepare a refection paper. after you have finished the reading assignment for
Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons sold residual or salvage value of the land is $1..
on august 1 2007 a company issues bonds with a par value of 600000. the bonds mature in 10 years and pay 6 annual
the smith company uses a standard cost accounting system and estimates production for the year to be 60000 units. at
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