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Fund accounting and preparation of financial statements)The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, vouchers payable of $35,000, and unassigned fund balance of $5,000. There were no balances in either the Capital Projects Fund or the Debt Service Fund. Coco City has adopted the following budgetary and accounting policies:• Encumbrance accounting is used only for the acquisition of supplies. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget.• For consistency with property taxes, "available" is defined for sales taxes as taxes expected to be collected within the first 60 days of the next year.Part A ( Chapter 2 -Identification of funds) Coco City uses separate funds for the following activities. State the names of the funds that Coco City will use for each of these activities.1. To account for its day-to-day operating activities2. To acquire or construct major capital assets3. To accumulate resources to service long-term debt4. To operate a municipal swimming pool
Q. What is Amortization? Amortization -Periodic and Gradual reduction of any amount, like the periodic write-down ofa BOND premium, cost of an intangible ASSET or periodic paym
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
Aristo Ltd uses a system of absorption costing. The product passes through a machining department and an assembly department before it is completed. The assembly department is labo
Assuming the robot is placed on track at the packing station facing away from the station) the robot traverses the entire track. During this step, the robot will follow a left-hand
Q. What do you mean by Fiscal Year? Fiscal Year - Period of 12 consecutive months chosen by an entity as its ACCOUNTING period that may or may not be a calendar year. Fixed Ass
define the term of pre-acquisition diviend
The following details are taken from the accounting records of the company as at 30 June 2010: Debit Credit Sales revenue 49,950,000
You are considering whether or not to go to graduate school. Well... there are many things to consider, of course, such as the type of job you would thus get, the opportunity to li
Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.
Using CAPM's formula, Return on equity = Risk-free rate + Beta*(Expected market return - risk-free rate) With the given information, Return on equity = 1% + 1.7*(9% - 1%)
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