Agency fund assets and liabilities are to be recognized :
A. at the time the government becomes responsible for the assets.
B. only in the government-wide financial statements.
C. when the earnings process is complete and collection is reasonably assured.
D. when they are available and measurable.
Answer: A
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Which of the following deals with the role of MIS?
A) determine decision makers' information needs B) acquire the needed information C) distribute information to the decision makers in a form in which they can use it for decision making D) distribute information to the decision makers at a time when they can use it for decision making E) all of the above
What group designs accounting information systems and focuses on analyzing and interpreting information?
a. Certified Internal Auditors b. Accounting Clerks c. Bookkeepers d. Accountants e. Record Keepers
Marketing intermediaries are marketing institutions, such as retailers and wholesalers, which perform marketing functions necessary to direct products to customers.
Answer the following statement true (T) or false (F)
The balance sheet for the Long Drive Golf Company on September 30, 2010 is presented below:
Long Drive Golf Company Balance Sheet September 30, 2010 Cash $528,000 Accounts payable $1,568,000 Accounts receivable 1,216,000 Notes payable 752,000 Inventory 2,400,000 Total current liabilities 2,320,000 Fixed assets 5,632,000 Long-term debt 2,336,000 Common stock 3,200,000 Total assets $9,776,000 Retained earnings 1,920,000 Total liabilities and stockholders' equity $9,776,000 The treasurer of the firm wants to issue $1,200,000 in long-term bonds to be used as follows: 1. $240,000 to reduce accounts payable 2. $192,000 to retire notes payable 3. $128,000 to increase cash on hand 4. $640,000 to increase inventories a. Assuming that the loan is obtained, construct a pro forma balance sheet for December 31, 2010, for Long Drive Golf Company that reflects the use of the funds provided. b. Was the liquidity of Long Drive Golf Company improved by the loan?