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1.What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?
2.How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain
3.Why do the balance sheets of agency funds contain only assets and liabilities, but no fund balances? Why is it often unclear whether the resources relating to a particular activity should be accounted for in an agency fund or a governmental fund?
Using the above information for ABC co., prepare a pension work sheet for 2008. Indicate (credit) entries by parentheses. Calculated amounts should be supported. Prepare the journal entries to reflect the accounting for the company's pension plan f..
Give the entries required for 2011 and 2012 to account for the 2,200 contracts.
The Omega Corporation sells property during the year that results in the following gains and losses: Compute the resulting increase or decrease in Omega's taxable income. Explain each step.
Suppose all interest is paid at maturity and none of the notesare paid early. How much cash will be paid for the January 1 note, plusinterest, on October1?
Sue, Grabbit & Runne is a firm of solicitors. There are three partners, Anne, Mary and Jane. There is a partnership agreement which states that each partner may enter into contracts worth up to $ 50 000, but that any contract in excess of that amount..
The firm will use straight-line depreciation for the new machine over 10 years with no residual value. What is the payback period for the new machine?
on april 1 2012 prince company assigns 500000 of its accounts receivable to the third national bank as collateral for a
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
The bookkeeper prepares a daily bank deposit slip and compares the total with the total amount shown on the daily remittance tapes. All remittances are deposited in the bank the day they are received. (Cash receipts from sources other than service..
What is inventory shrinkage? Please give an example or 2 and include how to minimumize shrinkage for that example.
although you plan to do all of your own manufacturing in the near term you are confident that as volume grows you may
According to results by Seyhun the main reason why investors cannot earn excess returns by following inside trades after they become public is ______________.
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