What is the rationale for accounting

Assignment Help Accounting Basics
Reference no: EM131765122

Question: Provide complete answers to the following two questions.

1. For what types of activities are internal service funds used to account? Provide several examples. Is a government required to account for the activities you cite in an internal service fund, or may it account for them instead in its general fund?

2. What is the rationale for accounting for nonexpendable endowment funds on a full, rather than a modified, accrual basis? Why is it important that depreciation be charged on long-term assets held as fiduciary fund investments?

Reference no: EM131765122

Questions Cloud

Advertising director for diversey paint and supply : The advertising director for Diversey Paint and Supply, Diversey Paint would like to select the least costly advertising strategy
Analyze the impact of the intersection of sexual orientation : Analyze the impact of the intersection of sexual orientation and ability level as it has affected you either positively and negatively within the systems.
What is the par value of the preferred stock : What is the par value of the preferred stock, How many shares of common stock are outstanding
How much revenue should the township recognize : How much revenue should the township recognize from the tickets issued in August 2008? Explain
What is the rationale for accounting : What is the rationale for accounting for nonexpendable endowment funds on a full, rather than a modified, accrual basis?
Explosion and conduct of managers of the mine : Describe the ethical categories involved in the explosion and conduct of the managers of the mine.
Discuss the relevance of each of the givem items : Lahore Cornpany has received a special order for photo equipment it does not normally produce. The company has excess capacity.
Explain paper on shakespeare and his contribution to drama : Prepare a powerpoint presentation which explains my paper on Shakespeare and his Contribution to Drama. Will upload paper to get material and references from.
How many days does it take to produce optimal run quantity : 10.Wayne enterprises is about to begin production of new product. How many days does it take to produce the optimal run quantity?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much are cutoff total assets after adjusting entries

Expired insurance which was prepaid totaled $5,000. How much are Cutoff's total assets after adjusting entries

  Suppose mcbean inc has a 30 percent income tax rate none of

mcbean inc. reported net income of 300000 for the year ended december 31 2009. mcbean inc. had 50000 shares of common

  Indicate whether each transaction relates to a deferred

yousef companys annual accounting year ends on 1231. it is 123114 and all of the 2014 entries except the following

  Statement of retained earnings from closing entries

Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2014. Fisher Corporation made the following three closing entries on December 31, 2014. (The entry to transfer net income to Retained Earnings was intentionally omit..

  Discuss accumulated depreciation and net ppe

How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE

  In good form prepare a schedule showing all expenses

a company entered into a franchise agreement to operate a franchised location beginning on january 1 2014. the terms of

  Cowen company began its operations in august

Cowen Company began its operations in August of the current year. During August and September, the company paid wages of $2,450.

  Describe differences in amortization and depletion

On February 19 of the current year, Rock Chalk Co. pays $4,450,000 for land estimated to contain 5 million tons of recoverable ore.

  Prepare an income statement for the adjusted trial balance

Prepare an income statement for the adjusted trial balance of Hanson Storage. Prepare a balance sheet from the adjusted trial balance of Hanson Storage

  Company repayment and coupons

In 30 years, what will your company's repayment be if you issue the coupon bonds? What if you issue the zeroes?

  Foreign exchange department for a large company

Assume that at the beginning of the year, the pound's value is in equilibrium. Assume that over the year the British inflation rate is 6 percent, while the U.S. inflation rate is 4 percent.

  Estimate useful life of operational assets

Using the technique in Exhibit compute ROI using current-cost estimates for long-term assets and depreciation expense.

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!

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