Proprietary funds do not record capital assets, depreciation on those capital assets, and long-term debt.
Answer the following statement true (T) or false (F)
False
Capital assets used in fund operations and long-term debt serviced from fund revenues are recorded in the accounts of a proprietary fund. Depreciation on capital assets is recognized as an expense, and accruals and deferrals common to business accounting are also recorded.
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If a gift card is unused after a specified period of time, the state can collect the amount of the card proceeds from the seller as ____________________ property.
Fill in the blank(s) with the appropriate word(s).
An accounting firm realizes it is woefully inadequate at cultivating new clients. It is allowed to observe a law firm perform the new-client cultivation process in hopes of gleaning improved methods it can adopt. This is an example of:
A) competitive benchmarking. B) functional benchmarking. C) internal benchmarking. D) generic benchmarking.
Ordinarily, the remedy for a seller's breach of a contract for a sale of real estate is damages
Indicate whether the statement is true or false
NASDAQ is
A) an electronic trading system in the over-the-counter market. B) a post on the NYSE where certain stocks trade. C) the trading symbol for a certain stock. D) a regulatory branch of the SEC.