Construction expenditures should be debited when In late June, the Everready Construction Co. submitted a $600,000 progress billing on a construction contract. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. Construction expenditures should be debited when (Points : 2) The bill is approved […]
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Generally accepted accounting principles applicable to state and local governments require that accepted accounting principles applicable to state and local governments require that (Points : 2) Only governmental funds and proprietary funds should be provided. Only those funds required by law, GASB standards, and sound financial administration should be provided. Only those funds required by
Which of the following distinguishes governments from nongovernmental not-for-profit organizations? Which of the following distinguishes governments from nongovernmental not-for-profit organizations? (Points : 2) Absence of profit motive. The power to enact and enforce a tax levy. Resource providers do not expect benefits proportional to the resources provided. Absence of a defined ownership interest that can
Which of the following is a proprietary fund? Which of the following is a proprietary fund? (Points : 2) Special revenue fund. Investment trust fund. Debt service fund. Internal service fund. Place Your Order Here!
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On the due date for bond interest, the debt service fund journal entry (or entries) will include a debit to On the due date for bond interest, the debt service fund journal entry (or entries) will include a debit to (Points : 2) Expenditures-Bond Interest. Interfund Transfers In. Appropriations. Interest Expense. Place Your Order
The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for (Points : 2) All not-for-profit organizations that are nongovernmental and business entities. All special purpose governments. All not-for-profit organizations. All federal government agencies. Place Your Order Here!
When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is (Points : 2) Credited to Budgetary Fund Balance. Debited to Budgetary Fund Balance. Debited to Reserve for Encumbrances. Credited to Reserve for Encumbrances. Place Your Order Here!
Which of the following funds are governmental funds? (Points : 2) General Fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds. General Fund, special revenue funds, private-purpose trust funds. General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds. General Fund, special revenue funds, capital projects
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Which of the following would result in the amortization of a bond discount or premium? (Points : 2) Bonds are issued: No; Bonds are held as investments: No Bonds are issued: No; Bonds are held as investments: Yes Bonds are issued: Yes; Bonds are held as investments: No Bonds are issued: Yes; Bonds are held
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what is the cost of common from retained earnings? Question 20 Rivoli Inc. hired you as a consultant to help estimate its cost of common equity. You have been provided with the following data: D0 = $0.80; P0 = $22.50; and g = 8.00% (constant). Based on the DCF approach, what is the cost of
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