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Question:
(a) ‘Public accounting is often called fund accounting'.
Describe what you understand by the term ‘fund accounting'.
(b) "What's the difference between national defence and pizza?", asked your public finance professor.
Required:
(i) Distinguish between a public good and a private good.
(ii) Describe your understanding of the ‘market failure' phenomenon.
(iii) What is the free-rider problem?
(c) Public accounting is said to "mirror" the budget. Explain.
(d) The role of the Public Expenditure Management System (PEMS) is to allocate and use resources responsively, efficiently and effectively'.
Briefly describe the above statement with particular emphasis on the highlighted terms. Your may illustrate your answer with examples.
This assignment requires you to pretend you have $10,000 to invest for 4 weeks. You are to "invest" this money in stocks or mutual funds and to track your investments on a weekly
speciman of accounts preparation in stock and debtor system.
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1-Dec $92,000.00 of 5% bonds are purchased with check. Interest is paid once a year and will mature in 5 years. The market yield for these bonds is 4%.
A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows: 1 share in
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Omission to do something which a reasonable man, guided by those ordinary considerations that ordinarily regulate human affairs, would do or doing of something that a reasonable an
Surviving Spouse - This is a person whose wife or husband died during tax year. A surviving spouse can file a JOINT RETURN for the year in which death occurred. Additionally a join
Prepare a statement of revenues - deferral method: Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a
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