Special-purpose governmental entities that are engaged in only a single governmental-type activity need only prepare the statements required for governmental fund basis financial statements.
Answer the following statement true (T) or false (F)
False
Special-purpose governmental entities that are engaged in only a single governmental-type activity only prepare the statements required for enterprise fund basis financial statements.
You might also like to view...
Mark's boss has shortlisted three employees-Jack, Justin, and Grace-who are eligible for promotion. It is Mark's duty to promote any two employees from the chosen people. Mark decides not to promote Grace because he believes that women are not achievement-oriented, and they cannot completely focus on their work. Making such generalized assumptions that influence an individual's perceptions is known as
A. projection. B. selective perception. C. stereotyping. D. whistle blowing.
Which of the following is the best example of a stalling objection?
A. "Your price is too high for the quality." B. "Frankly, your competitor makes a more efficient refrigeration unit." C. "Sounds good! I'll need to clear it with my boss before I can make a purchase." D. "I think you have a great product, but at this moment we don't need a new security system." E. "You've got to do better than that with the price and financing."
Under the UCC, the title to goods:
a. may pass when parties intend it to pass in a manner agreed upon. b. may occur before the seller gives the buyer a special property in the goods. c. must pass upon identification of non-fungible goods by the buyer. d. may occur at any time after the risk of loss shifts to the buyer.
Postage Corporation receives management consulting services from its 92 percent-owned subsidiary, Stamp Inc. During 20X7, Postage paid Stamp $125,432 for its services. For the year 20X8, Stamp billed Postage $140,000 for such services and collected all but $7,900 by year-end. Stamp's labor cost and other associated costs for the employees providing services to Postage totaled $86,000 in 20X7 and $121,000 in 20X8. Postage reported $2,567,000 of income from its own separate operations for 20X8, and Stamp reported net income of $695,000.Based on the preceding information, what amount of receivable/payable should be eliminated in the 20X8 consolidated financial statements?
A. $125,432 B. $140,000 C. $7,900 D. $5,560