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The two types of proprietary funds are:-
1) Enterprise funds - It is used to account the activity for which fee is charged to external users of goods or services. Activities are reported as enterprise funds in principal revenue sources, if the following criteria is met
i) The pricing policies of establish fees and charges design to recover the costs including capital costs like depreciation.
ii) Laws or regulations require activity cost of providing service including capital costs such as debt service to be recovered with fees and charges, rather than taxes.
iii) The activity is finances with debt which is secured only by pledge of net revenues from fees and charges of activity.
2) Internal service funds - It is used to account the provision of goods or services by one agency to other departments of the state, other governmental units on a cost reimbursement basis. Internal service funds should be used only if state is predominant participant in the activity.
In what sutation would these type of fund be used?
Two methods can be used for producing expansion anchors. Method A costs $80,000 initially and will have a $15,000 salvage value after 3 years.
The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007- Prepare a multiple-step income statement. Prepare a single-step in..
(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
XYZ Corporation distributed land to its sole shareholder in a liquidating distribution. At the time of the distribution, the land had a fair market value of $120,000.
Prepare a pro forma balance sheet dated December 31, 2008. Discuss the financing changes suggested by the statement prepared in part A.
Supposing that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
The transaction gain or loss to be recognized over the term of a forward exchange contract entered into to speculate in a foreign currency within a fiscal year is measured by the difference between the:
On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000.
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
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