When a city holds pension monies for city employees, the monies should be recorded in:
A. A special Revenue Fund.
B. The general Fund.
C. An agency Fund.
D. A private purpose trust fund.
E. A fiduciary Fund.
Answer: E
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a. component lifestyles b. consumer confidence c. poverty of time d. performance risk
How is unit cost calculated?
A) Total units divided by total costs B) Sum of all cost drivers C) Total cost divided by units produced D) Total of all costs incurred
Discuss and exemplify how audiences for your presentations can be different.
What will be an ideal response?
A restaurant is being sued because a customer claims to have found a bug in her chili The company's lawyers believe there is only a remote possibility that the lawsuit will result in an actual liability. Which of the following actions should be taken by the company's management?
A) The situation should be described in a note to the financial statements. B) The possible liability should not be shown in the financial statements. C) The liability should be estimated and accrued as an expense. D) An expense must be matched to the period in which the incident occurred.