Which of the following use current financial resources measurement focus?
A. Internal Service fund statements
B. Fiduciary fund statements
C. Governmental fund statements
D. Proprietary fund statements
Answer: C
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Which of the following is NOT an example of a specific assets?
a. application maintenance b. data warehousing c. highly skilled employees d. server maintenance
Answer the following statements true (T) or false (F)
Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the US.
Scenario 12.1 Use the following to answer the questions. Concession Supply sells hotdogs, buns, and nacho ingredients to several major league ballparks across the country. Currently, Concession Supply has the following pricing information for one case of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price = $16, and Variable costs = $6. Refer to Scenario 12.1. To break even, Concession Supply should sell ____ cases of hot dogs per day at Wrigley Field.
A. 13 B. 120 C. 40 D. 200 E. 60
Drew Corporation purchased machinery costing $825,000 in 2018. Drew paid $5,000 for installation and testing of the machinery. Under a special election, Drew expensed $500,000 of the cost of the machinery in 2018. Drew also deducted depreciation on the machinery of $46,443 in 2018 and $79,593 in 2019. Drew's repair and maintenance costs on the machinery were $10,200 in 2018 and $13,300 in 2019. What is Drew Corporation's adjusted basis in the machinery at the end of 2019?
A. $175,468 B. $198,964 C. $203,964 D. $325,000 E. $698,964