With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.
Answer the following statement true (T) or false (F)
False
Governmental funds, other than the general fund, are considered to be a major fund when both of the following conditions are met: 1) Total assets, liabilities, revenues or expenditures of that individual government fund constitute 10% of the total for the governmental funds category and 2) Total assets, liabilities, revenues or expenditures of that individual government fund are 5% of the total of the governmental and enterprise categories, combined.
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Sam Jones is the president of Apollo Finance, a payday lender. The company's proxy statement contains the following description of Mr. Jones' pay package.Mr. Jones is eligible for an annual incentive bonus equal to 1% of Net Income of the company and is eligible for an additional bonus based upon annual increases in EPS only after earnings exceed 15% over the prior year. The additional bonus is determined as follows:EPS Growth Additional BonusEPS increases up to 14.9% $0EPS increases of 15.0% to 24.9% 2% of the earnings increase from the prior yearEPS increases of 25.0% to 34.9% 3% of the earnings increase from the prior yearEPS increases above 35.0% 4% of the earnings increase from the prior yearAssume no change in the number of shares of outstanding stock during the
year.Required:a. Suppose that Apollo Finance had $75 million of Net Income for the year. How much of a bonus would Mr. Jones receive if the EPS increase for the year was 12%?b. Suppose that Apollo Finance had $75 million of Net Income for the year. How much of a bonus would Mr. Jones receive if the EPS increase for the year was 28%? What will be an ideal response?
Conversations are most satisfying when the comments of the conversational partners are which of the following?
A. consistent with the conversation’s purpose B. challenging to the conversation’s purpose C. in juxtaposition to the conversation’s purpose D. an aggravation to one or the other conversational partner
Allman, Inc, enters into a call option contract with Betts Investment Co on January 2, 2014 . This contract gives Allman the option to purchase 1,000 shares of Upmann stock at $100 per share. The option expires on April 30, 2014 . Upmann shares are trading at $100 per share on January 2, 2014, at which time Allman pays $200 for the call option. Using the information above, assume that the price
of the Upmann shares has risen to $130 per share on March 31 . 2014, and the Hall is preparing financial statements for the quarter ending March 31 . As regards this option, Hall, Inc, would report which of the following? a. A $30,000 realized gain b. A $30,000 unrealized gain c. A deferred gain of $29,800 d. Nothing would be reported in the financial statements or the notes thereto.
According to the textbook, which of the following is not a way teams are used by organizations?
a. To provide advice on how to improve quality. b. To coordinate day-to-day work activities. c. To design and develop new products. d. To plan organizational change. e. To discipline employees.