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Question: 1. Which of the following funds can be used to account for the spendable income from a Private Purpose Trust Fund?
a. Agency Fund
b. General Fund
c. Capital Projects Fund
d. Pension Trust Fund
e. None of the above
2. To what provisions must the use of assets accumulated in a trust fund conform?
a. State and local laws
b. The trust agreement
c. Both a and b
d. The modified accrual basis of accounting
3. A citizen donated $1 million to a city upon her death. Her will provided that these resources be maintained in a trust and spent to provide schoolchildren with free tickets to local baseball games. In which fund is accounting for these activities done?
a. General Fund
b. Special Revenue Fund
c. Investment Trust Fund
d. Private Purpose Trust Fund
e. Both c and d
Homer Simpson bought a house for $70,000 some years ago. Heput 20% down and financed the rest with a 25 year mortgage of 8.5%interest. How much equity does Homer have in the house?
The president of your firm Lesky and Lesky has little background in accounting. - Respond to this statement with specific reference to the accounting principles applicable in this situation.
in recent years farr company has purchased three machines. because of frequent employee turnover in the accounting
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Both will borrow long term making similar financial arrangements to finance the trucks, and both will pay the same amount to acquire the trucks Waste, Inc. uses normal commercial GAAP to account for its activities.
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the trial balances of charles company and its subsidiary letho inc. are as follows on december 31
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1 how did the economic and business environment contribute to the growth of the commuter industry?2 what were the
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