Financial reporting for a special-purpose local government depends on whether that government is engaged in governmental-type, business-type or fiduciary-type activities.
Answer the following statement true (T) or false (F)
True
The determining factor on what set of financial statements should be prepared is whether the special-purpose government is engaged solely in governmental-type activities, business-type activities or fiduciary-type activities. Special purpose governments that are engaged in only one governmental-type activity are permitted to combine the fund and government-wide financial statements.
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The equity method generally should be used to account for an investment in stock when the level of ownership is
A) between 20 and 50 percent. B) 10 percent or more. C) less than 20 percent. D) between 10 and 40 percent.
What element is defined as the capacity to influence the actions of others?
What will be an ideal response?
A technique for analyzing financial statements that uses percentages to show the relationships of each stated item to the total is:
a. trend analysis. b. ratio analysis. c. vertical analysis. d. horizontal analysis.
Ferdinand developed a social networking website that makes it easy for people to connect and share with their family and friends online. He was thrilled to see that the growing population of users crossed boarders and encompassed thousands of users worldwide. Ferdinand’s company is an example of which concept?
a. Sovereignization b. Nationalization c. Internationalization d. Globalization