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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
OTHER ASPECTS OF THE CONSOLIDATED BALANCE SHEET The consolidated balance sheet may require a special approach under the following situations: 1) Pre-acquisition losses in subs
When Lydia started her vending machine business, she instituted flexible budgeting for the first few months of operations. Her first monthly budget numbers were these: Cost of g
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Unqualified Opinion - AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). AUDITOR may issue an unqu
In this method the minimum and maximum level for all items of inventory are fixed. These levels function as an origin for initiating action so that the quantity of all items is con
with the following data for a 60 percent activity, prepare a flexible budget for production at 80 percent and 100 percent activity production at 60% activity - 6000 units
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Consider a multinational listed company that has recently carried out an acquisition. You may also select a company that carried out an acquisition long ago as long as there is inf
Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .
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