1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue
Q: CurryMee Berhad projected sales and purchases for the month of September to December 2022 as below:…
A: The question asked to prepare the cash budget of the company for the last quarter. Cash budget:…
Q: Please review the Income Statement items per GAAP books and answer the question pertaining to the…
A: Income statement represents the net income or net loss calculated by deducting the expenses from the…
Q: DIRECTIONS: 1. Prepare the journal entry for each transaction. Use the following account numbers for…
A: Accounting is done as per double entry system. There are various stages of accounting a single…
Q: Explain in detail for the following with your own examples. a. Scope of Management Accounting b.…
A: a. Scope of Management Accounting Management accounting is the process of collecting, analysing, and…
Q: 50 units in beginning inventory with a cost of $300. During the year purchases were made as follows:…
A: Inventory is considered as the current asset and reported under the head current assets in the…
Q: 6. Chung-Ang Company has two department. The company's most recent monthly contribution format…
A: Sunk Cost :— It is the cost that is already incurred in past and it is now irrecoverable.…
Q: Live Large Inc. had the following transactions involving non-strategic investments during 2023. 2023…
A: Bond is an investment security which is purchased in order to receive a regular interest income.…
Q: For each of the following events or transactions, prepare the necessacry journal entries and…
A: A journal entry records any transaction, whether or not this is an economic one. Transaction…
Q: Engr. Santos borrows P3M at 8% effective annual interest. He must pay back the loan over 20 years…
A: Given in the question: The borrowed amount of money is the P3,000,000 And the effective annual…
Q: a son qualifiesfor HOH filing status for a father who lives on hos apartment. The son provides over…
A: A taxpayer can be an character or enterprise entity this is obligated to pay taxes to a federal,…
Q: Corporation manufactures three products from a joint process. The three products are in industrial…
A: Profit refers to the financial profit or the bookkeeping profit which states the net income or the…
Q: The following information is available for Bramble Inc. for 2019: Excess of tax depreciation over…
A: Deferred tax is a tax imposed on corporations that can be deducted in advance or carried forward to…
Q: Examine financial commentary that interprets and analyses published financial information
A: Financial commentary is an analysis of published financial information. It is used by investors,…
Q: provide answers for PART B as well
A: Ratio analysis help to understand relationship between two variables and understand the impact on…
Q: Ma1. Torquay Incorporated's (a calendar-year taxpayer) 2021 taxable income was $15,837,850, and its…
A: The amount imposed by the federal government on a corporation's earnings or net income is referred…
Q: Net Present Value Method The following data are accumulated by Geddes Company in evaluating the…
A: Time Value of Money :— According to this concept, value of money in present day is greater than the…
Q: A company has two alternatives for meeting a customer requirement for 10,000 units of a specialty…
A: Contribution margin = $ (75-25) = $50Fixed Cost = $345,000Break even quantity = 345,000 / 50 = 6900…
Q: How is budgeted variable overhead per driving hours calculated as 16?
A: Budget states setting or putting a limit for the revenue and expenses for a specific period or time…
Q: Terminology Matching Asset Turnover Ratio Current Ratio Days in Inventory Ratio Debt to Assets Ratio…
A: Accounting ratios cover a wide array of ratios that are used by accountants and act as different…
Q: William purchases nonresidential real property costing $300,000 and places it in service in March…
A: Answer As per MACRS depreciation schedule Depreciation rate for first year 2.03333% For second…
Q: Problem 1 Inventory data for Williams Door Products Co. for the month of October are as follows: 40…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: ansas Company uses the weighted-average method in its process costing system. Operating data for the…
A: Conversion of equivalent units Units…
Q: What is the difference between proprietorship, partnership, and corporation
A: Answer:- Proprietorship meaning:- Sole proprietorship is that form of business where one person is…
Q: The following materials standards have been established for a particular product: Standard quantity…
A: Material price variance is the difference between the cost estimated for the material and the cost…
Q: Write an essay about "The powers, functions, liabilities, and compensation of directors of…
A: Cooperatives are businesses that are owned and run by their members, with each member having an…
Q: O Week 4 Horizontal and Vertical Analysis O DIRECTIONS: Using these data from Rollaird Company's…
A: Answer Formula for vertical analysis of inventory is = inventory / Total assets
Q: Sisters Berhad collects its accounts receivable in 48 The firm has a net profit margin of 8.6%. On…
A: Cash conversion cycle: It is the amount of time taken by an entity to convert it's amount vested in…
Q: The following are the transactions concerning the intangible assets of Healy Bros. Corporation for…
A: Intangibles are the assets that the company uses to bring future economic benefits to the entity for…
Q: What is meant by "presentation of financial statement information in common-size amounts rather than…
A: A financial statement is an indicator of cash flows in an organization. There are three primary…
Q: Henry's company is preparing a detailed financial report. They are honest with their potential…
A: Liabilities are the present obligations of the company which requires the outflow of resources in…
Q: On January 1, 20x0, a company purchased a delivery truck for $30,000. They estimated the useful life…
A: Gain or loss on asset means the amount of money earned or lost by selling a long-term asset after…
Q: What is the amount of the adjusted basis of the automobile for purposes of computing depreciation in…
A: Internal Revenue Service issued standard mileage rates used to calculate the deductible costs of…
Q: 14. Green Company's costs for the month of August were as follows: direct materials, $27,000; direct…
A: The cost of goods manufactured is determined by totaling a company's production costs over a…
Q: Critically discuss the use of forwards vs. futures instruments within firms and how these can be…
A: Forwards and futures are both financial instruments used by firms to manage financial risks, such as…
Q: Cold Corporation acquired equipment on January 1, 20X4, for $300,000, with an estimated useful life…
A: Depreciation indicates the fall in the number of fixed assets acquired by the business entities with…
Q: 1. What factors must a company consider when choosing an amortization method to use for a fixed…
A: Amortized Cost and Effective Interest Rate (IFRS 9) The amount at which certain financial assets…
Q: Below are the unadjusted account balances for Jasmine Inc. for March 31, 2022 Account Accounts…
A: Statement of financial position is prepared at the end of the accounting period in order to assess…
Q: Question 6 Your Company borrowed $5,000 using a 6-year installment note. The interest rate is 4.5%…
A: The amount of money borrowed or invested is called as Principal. When you first take out a loan, the…
Q: BES Sufian and Amar are partners in a Partnership. On 30/6/2020, Sufian takes a loan from the firm…
A: A partnership is a form of entity where two or more people come into a mutual agreement among them,…
Q: If a business had sales of $3,632,000 and a margin of safety of 20%, the break-even point was Oa.…
A: Breakeven is the point in the cost volume and profit analysis at which an entity is in a situation…
Q: In a chronological resume, what two parts can now be interchanged in terms of their order of entry?…
A: The two parts that can now be interchanged in terms of their order of entry in a chronological…
Q: Shuttleworth Co. has $100,000 of assets, financed entirely by common shares and retained earnings.…
A: The maximum dividend payable is the amount that equals the balance of retained earnings and the…
Q: 22. What is the value of the firm's accounts payable? Accounts Receivable $500 Cash Retained…
A: In double entry accounting system each transaction have double effect one in debit side and another…
Q: Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents…
A: Inventory Turnover Ratio Inventory turnover is a financial ratio showing how…
Q: 3 basic activities for the accounting
A: Cash flow statement shows the cash inflow and cash outflow of the company. It is due to the…
Q: Y3 Five Friends Relocation Company prepared the following sales budget: Month Cash Sales Credit…
A: CASH COLLECTION FROM CUSTOMER Cash collections can come from two places that are cash sales and…
Q: f there was a gift that would be transferred without restriction to another charity entity, how…
A: Transferring gift to charitable Institutions are quite Common in the form of goods or services.…
Q: Which of the following is not true of a registration statement? A . It helps the SEC make judgments…
A: in the United States the registration statement is a set of the document which includes the first…
Q: Potential stockholders and lenders are interested in a company's financial statements. Several…
A: Introduction:- Assets are resources (property) presented in the balance sheet because for it an…
Q: What is the 2 standard-setting bodies of the accounting
A: It's critical to comprehend the distinction between regulatory organizations and standards-setting…
1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue. 2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants. 3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No Yes
Step by step
Solved in 3 steps
- In a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuelWhich of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.7. A not-for-profit university receives a contribution without donor restrictions of $200,000. In its statement of cash flows, the contribution should be shown as a cash inflow from a. noncapital financing activities. b. capital financing activities. c. operating activities. d. investing activities.
- Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the aboveFor each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating RevenuesWhich of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.
- 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for $500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account revenues. should be recorded in the General fund journal as: a) Debit in 500S. b) Credit in 500$. c) Credit in 7500S. d) Gain on sale of equipment account will not recorded in general fund journal. Question Three: mini casesAll oI toe above are 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for S500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account should be revenues. recorded in the General fund journal as: a) Debit in 500$. b) Credit in 500$. c) Credit in 7500$. d) Gain on sale of equipment account will not recorded in general fund journal. الولايات المتحدة الأمريكية( hpT/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…
- Which of the following is an example of an interactivity transaction? Money is transferred from the general fund to the debt service fund. Money is transferred from the capital projects fund to the general fund. Money is transferred from the special revenue fund to the debt service fund. Money is transferred from the general fund to the enterprise fund.Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.Which of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.