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1.What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?
2.How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain Why do the balance sheets of agency funds contain only assets and liabilities, but no fund balances?
3.Why is it often unclear whether the resources relating to a particular activity should be accounted for in an agency fund or a governmental fund?
If the standard deviation of back charges is $600, and alpha = 0.05, test the claim of the engineering firm. Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results.
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
1.crichman corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the
baldwin corp. began the year with cash of 35000 and a computer that cost 20000. during the year baldwin earned sales
pear corporation is issuing 600000 of 8 5-year bonds when potential bond investors want a return of 10. interest is
Which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month ..
a lender wants to know if they can collect on their loans. a cash flow statement for the company owing the money will
Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
1.ely purchased a patent with a remaining legal life of ten years from backo on january 1 2010 for 300000. ely expected
Discuss the impotance of periodic reporting and the time period principle
evaluate the "Off the Balance Sheet Arrangements" reflected in the 10-Qs of Freddie Mae and Freddie Mac. Explain how these red flags were ignored by the SEC and its public accounting firm.
Prepare journal entries associated with changes due to errors. How do they relate to the practice of accounting and its uses in business?
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