How is the Statement of Cash Flows for Proprietary Funds similar and dissimilar to a Statement of Cash Flows for a for-profit business?
What will be an ideal response?
The statement of cash flows for a proprietary fund is very similar to the statement of cash flows for a for-profit business. Two sections are similar including the cash flows from operating activities and cash flows from investing activities. The cash flows from financing activities are reported differently than for profit businesses and are split into two sections when reporting for a Proprietary Fund. These two sections specify the cash flows from noncapital financing and cash flows from capital and related financing activities. The statement of cash flows for a proprietary fund is different from the cash flow statement for a for-profit business in that GASB requires the direct method of presenting cash flows from operating activities, with a reconciliation to net operating income. At this time, GAAP for the cash flow statement for a for-profit business gives the option of presenting cash flows from operating activities using either the direct or the indirect method.
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Liability in which a person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on the instrument is referred to as ________
A) warranty liability B) unqualified liability C) contract liability D) accommodation
Which of the following reports can be used to track problems and evaluate MRP system performance?
A. performance control reports B. exception reports C. MRP execution reports D. MRP planning reports
Training of employees is less important for high-contact services than it is for low-contact services.
Answer the following statement true (T) or false (F)
Sales representatives provide various services to customers including:
a. consulting on their problems b. rendering technical assistance c. arranging finance and expediting delivery d. all of the above