With respect to fund basis financial statements, a government may only designate a fund to be a major fund if it meets the size thresholds established by GASB.
Answer the following statement true (T) or false (F)
False
A government may designate any fund as a major fund if reporting that fund separately would be useful.
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Which one of the following is an assumption made in the preparation of financial statements?
a. Financial statements are prepared for a specific entity that is distinct from the entity owners. b. Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit c. Preparation of financial statements for a specific time period assumes that the balance sheet covers a period of time. d. Market values are always assumed to be irrelevant when preparing financial statements.
Plant patents require which of the following elements?
a. Distinctiveness. b. Novelty.. c. Nonobviousness. d. All of these.
On January 1, 2017, Zing Services issued $168,000 of six-year, 12% bonds when the market interest rate was 11%
The issue price of the bonds was $177,110. Zing uses the effective-interest method to amortize the bond premium. Semiannual interest payments are made on June 30 and December 31 of each year. How much interest expense will be recorded when the first interest payment is made? A) $10,627 B) $9,741 C) $10,080 D) $9,240
A bond with a par value of $1,000 trading at 98 sells for a discount.
Answer the following statement true (T) or false (F)