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1. (TCO B) Generally Accepted Accounting Principles (GAAP) applicable to state and local governments require that only the government funds and proprietary funds should be established.
only those funds required by law, GASB standards, and sound financial administration should be established.
only those required by law should be established.
All categories of funds must be established. 2. (TCO D) Which of the following would properly be reported in the operating statement of a governmental fund? Interest on a tax anticipation note issued and repaid during the period.
Depreciation expense.
Amortization expense.
A grant that is intended to finance activities of the following period. 3. (TCO E) The City of Green Hills constructed a new storage facility using the city's own public works employees. Construction costs were incurred in the amount of $850,000, plus $30,000 in interest on short-term notes used to finance construction. What amount should be capitalized as a general capital asset?
$880,000.
$820,000.
$850,000.
$0
4. (TCO H) In audits of state and local government units, which of the following paragraphs may not be required in the auditor's report for every audit?
Scope paragraph
Explanatory paragraph
Opinion paragraph
Introductory Paragraph
during the current year irene a married individual who files a joint return reports the following items of income and
If Jughead takes each payment and deposits it into an investment that earns a return of 0.75% per month, how much money will be in the account immediately after the last payment?
in the united states accounting principles are developed through a cooperative effort between the public sector and
Can you give an example of what this number may look like by using the income statement of a real-life company?
you have 15000 you want to invest for the next 40 years. you are offered an investment plan that will pay you 8 percent
he company charges a price of 6.50 total fixed cost is 314400 per year and the break even point is 131000 units. what
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
salvador inc. acquired 30 of the outstanding common stock of yangming inc. on december 31 2013 which allows salvador to
William's basis in the WAM Partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000, fair market value $40,000), and inventory (basis of $30,000, fair market..
determine the net cash flows from operating activities investing activities and financing activities. also determine
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