Accounting records of the transportation services fund

Assignment Help Financial Accounting

Reference no: EM131202344

In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice that the fund uses budgetary accounts. this is most likely because

a. the administrators of the fund prefer to prefer to prepare a budget to use in managing the fund.

b. GASB requires the use of budgetary accounts in internal service funds.

c. The city council must legally approve the fund's budget.

d. The accountants for the fund are unfamiliar with proper accounting procedures for a propertary fund.

Reference no: EM131202344

Questions Cloud

Compute all direct labour-manufacturing overhead variances : During the first year of operations, 1,000 units per month will be produced. During the second year, production is estimated to be 1,500 units per month. What selling price should Bramlett set for the new product according to the new pricing policy? ..

According to gaap and income tax reporting : Financial statement reporting according to GAAP and Income Tax reporting according to IRS regulations can best be described as follows:

Blue cross and blue shield plan : Blue Cross/Blue Shield plan: The monthly premium cost to Ronald will be $44. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent of covered charges and the insurance company will cover the..

Should replace meat grinder patty shaper machine : Swenson's Meats is considering whether it should replace a meat grinder patty shaper machine. The new machine will produce 25% more hamburger patties than the old machine in the same amount of time. Swenson's will have to pay interest monthly on the ..

Accounting records of the transportation services fund : In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice that the fund uses budgetary accounts. this is most likely because

Line-item amounts for net income and income tax expense : Howard Co.'s 2016 income from continuing operations before income taxes was $292,000. Howard Co. reported a before-tax income on discontinued operations of $68,000. All tax items are subject to a 32% tax rate. In its income statement for 2016, Howard..

Annual review that he is the top performing purchasing : Jim Ramsay is a purchasing agent for Hooks Incorporated. Avery Company is one of the suppliers that Jim works with. Jim hasn’t taken his family on a vacation in over a year. Jim also hasn’t received a raise from Hooks in over two years even though hi..

What is the total cost incurred to the employer per hour : Washington Co. employs ten full-time professionals. The budgeted compensation per employee is $60,000. The maximum billable hours for each client are 400. Clients always receive their full amount of time. What is the direct-labor-cost rate per hour? ..

Sarbanes-oxley act was enacted in response : Is it possible to write comment on this auditing related written paragraph? If you agree or not agree please indicate and why. “The Sarbanes-Oxley Act was enacted in response to a number of major accounting scandals, including Enron, WorldCom, and Ad..

User Account

All Pages