Permanent funds reflect resources that are restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.
Answer the following statement true (T) or false (F)
True
In a permanent fund, the principal cannot be expended. Only the income is to be used to benefit the government or its citizenry.
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The ________ is the time the seller allows the buyer before full payment has to be made
a. credit period b. trade discount c. cash discount d. None of the answers listed
During its fifth year of operations, Bright Creations Company reports a beginning cash balance of $132,000, cash inflows from investing activities of $210,000, cash outflows for financing activities of $79,000, and cash outflows for operating activities of $13,000 . What was Bright Creations' cash balance at the end of the fifth year?
a. $ 250,000 b. $ 434,000 c. $ 276,000 d. $ 132,000
Which one of the following groups is considered an internal user of financial statements?
a. A bank reviewing a loan application from a corporation. b. The labor union representing employees of a company that is involved in labor negotiations c. The financial analysts for a brokerage firm who are preparing recommendations for the firm's brokers on companies in a certain industry, d. Factory managers that supervise production line workers.
One tactic for detecting deception is called a chink in the defense. Give an explanation and example for this tactic.
What will be an ideal response?