According to the GASB, Capital assets:
A. must be reported in government-wide statements and in proprietary fund financial statements.
B. must be reported in government-wide statements but are not reported in any of the fund financial statements.
C. are to be reported but not depreciated in government-wide and fund financial statements.
D. are not to be reported in either government-wide or fund financial statements.
Answer: A
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Various transactions may change the amount and composition of the assets and liabilities, but the ____________________________ must balance after each transaction
Fill in the blank(s) with correct word
Purchase discounts, freight in and receiving costs ________.
A) are considered selling costs B) should not be considered when setting a cost standard for materials C) are used when setting a cost standard for materials D) are determined by a company's accountants and human resource managers
Management is defined in the Introduction as ________?
a. The process of communicating, coordinating, and accomplishing action in the pursuit of organizational objectives while managing relationships with stakeholders, technologies, and other artifacts, both within as well as between organizations b. Giving orders to other people to do things c. The science of designing relationships between people so that the most efficient people are in charge of things and the others are directed in what they do, according to plan d. None of the above
Which of the following is true for an auction with reserve?
A. The seller retains the right to refuse the highest bid and withdraw the goods from sale. B. An invitation to make an offer is not allowed. C. An auctioned item cannot be withdrawn from the auction after an offer has been made. D. A bid cannot be withdrawn and is legally binding from the moment it is made.