User Account

All Pages

What is involved with acting as a fiduciary

Assignment Help Accounting Basics
Reference no: EM131016388

Q1 Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.

Q2 The key to fiduciary funds is in the meaning of the term "fiduciary".

What is involved with acting as a fiduciary? How is this different from an agency relationship?

Q3 What basis of accounting is used to report governmental activities in government-wide financial statements? Can another basis be used? Please explain.

Q4 Government Wide financial statements are on the accrual basis. Let's look back at the fund summary from week 1. Note that governmental funds are on the modified accrual basis while proprietary and fiduciary funds are on the full accrual basis. It would not make sense to just combine all these funds when they are accounted for differently. Thus entries are made to move governmental funds from modified to full accrual for financial statement purposes. Class, does this make sense? What types of entries are made to move from modified to full accrual?

Reference no: EM131016388

Questions Cloud

What a material weakness is in terms of sox compliance : Describe the factors that made Trinity successful by illustrating the flow processes of the organization both in a narrative and process flowchart.
What is the interest cost for 2012 with respect to davenport : Calculate pension expense for 2012 with respect to Davenport, assuming plan assets attributable to her of $150,000 and a rate of return (actual and expected) of 10%.
Develop an er model for the data management : Develop an ER model for the data management of The Best Home. You will need to provide the ER model to cover the data and transactions of The Best Home.
What is the total interest expense over the life of the bond : Prepare the adjusting journal entry on December 31, 2016, to accrue interest expense.
What is involved with acting as a fiduciary : What basis of accounting is used to report governmental activities in government-wide financial statements? Can another basis be used? Please explain.
Identify three to five key skills or qualifications : Reflect on your ideal position and list your career goals. Identify three to five key skills or qualifications that make you a strong candidate for this career. Discuss any remaining fears you may have about the resume writing process and or job-rela..
Identify the posterior distribution of given data : Cancer deaths: Suppose for a set of counties i ∈ {1,..., n} we have infor­mation on the population size. Identify the posterior distribution of θ given data (Y1,.X1),...., (Yn, Xn) and a gamma(a, b) prior distribution.
Practitioner-related publication pertinent : Read an article from practitioner-related publication pertinent to your major field (Marketing or Management). Provide a summary of each article. Your summary should identify the topic/purpose and main point of the article, note research methods used..
Influence of information technology in inventory management : This is the central and main part of the project which contains the actual work done during the project. The main requirement is that you need to structure the report so that it is clear and structured in a way that makes sense. Grammar and spelli..

Reviews

Write a Review

Accounting Basics Questions & Answers

  List two different ways to improve accuracy or circumvent

What are the two most common causes for people not being able to reconcile their bank statements accurately?

  You examine the financial statements of a firm and find

you examine the financial statements of a firm and find that for every unit of product x sold the firm sells 4 units of

  Consider the following transportation table where the

consider the following transportation table where the values in the upper-right-hand corner of each cell represent

  Describe the eurodollar market

A British importer has to pay for American goods, but the exchange rate is temporarily very unfavorable from the British perspective. Describe the Eurodollar market and tell how it might help the importer.

  Stan capital balance after admitting ray

Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $50,000 and $30,000 respectively. Ray is admitted to the partnership and is given a 40% interest by investing $20,000. What is Stan's capital balance aft..

  Choice of variable or absorption costing

Explain why are companies with small levels of inventory usually unconcerned with the choice of variable or absorption costing?

  Butte sold a machine to a machine dealer for 50000 butte

butte sold a machine to a machine dealer for 50000. butte bought the machine for 55000 several year ago and has a

  On january 31st the board of directors issues arequirement

wings over san diego is a publicly traded companywith preferred and common stock issued. as of january 1st ithad 50000

  Computing eps-dividend per share and book value

What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?

  Accounting differences between u.s. gaap and ifrs

Prepare dated journal entries for ABC Corporation in U.S. dollars for the incurrence and settlement of this foreign currency transaction.  ABC Corporation employs a two-transaction perspective.

  The following production data were taken from the records

the following production data were taken from the records of the finishing department for june inventory in process 6-1

  Explain how it is possible that objective risk

Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective risk for both fleets can be different, even though the chance of loss is identical.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd