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A school district receives a grant from the federal government to support programs directed at ‘‘special needs'' students. The grant is a matching grant in which each dollar spent by the school district on teacher salaries for special needs education will be matched up to $1 million by the federal government. The federal government agrees that it will advance monies to the school district so that the school district will be able to pay a portion of each month's teachers' salaries from federal funds. The grant's contractual terms stipulate that the school district must not com- mingle the federal monies that it has been advanced with other monies of the school district. The school district also is required to file quarterly and annual reports showing the amounts that the school district has spent on special needs education and the resultant amount that is either a receivable from or payable to the federal government. As a new comptroller, you must decide which fund or funds should be used to account for the federal grant and the school district match. After some research, you believe that the school district has some options as to the governmental funds that it will use for financial reporting purposes. What are the options? In which fund or funds, would you report the transactions associated with the federal grant and school district match? Should they be accounted for in the same fund? What factors influenced your decision?
two inventive entrepreneurs have interested a group of venture capitalists in backing a new business project. the
1.which of the following will not result in an increase in revenues?a sale of goods on creditb sales of services for
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed ina..
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
this makes no sense at all said bill sharp president of essex company. we sold the same number of units this year as we
Present entries to record the following selected transactions completed during the current fiscal year:
You are asked to make a depreciation schedule for a business asset. A depreciation schedule shows the remaining value of the asset at the end of each time period. Create a depreciation schedule for each of the following
cash flows during the first year of operations for the harman-kardon consulting company were as follows cash collected
During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner com..
on march 31 2012 the herzog company purchased a factory complete with machinery and equipment. the allocation of the
Which of the following expenses would not appear on a Selling and Administrative Expense Budget? Which of the following costs incurred by a restaurant store is not an example of a variable cost?
Calculate the operating income or loss at a sales volume of30,000 tennis balls. Calculate the number of tennis balls that must be sold to earn aprofit of $80,000.
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