Which of the following statements regarding federal government reporting is not true?
A. The Statement of Budgetary provides information on how budgetary resources were obtained and the status of those resources at year-end. The budgetary basis of accounting is prescribed by OMB, not FASAB.
B. Similar to the government-wide Statement of Activities for state and local governments, program revenues are subtracted to determine the net cost of government services.
C. The Audit report includes an opinion on the financial statements and reports on internal controls but does not comment on compliance with laws and regulations.
D. On the balance sheet, the difference between assets and liabilities is called net position and is composed of unexpended appropriations and the cumulative result of operations.
Answer: C
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Under free trade, Sweden enjoys all of the gains from trade with Holland if Sweden
a. trades at Holland's rate of transformation. b. trades at Sweden's rate of transformation. c. specializes completely in the production of its export good. d. specializes partially in the production of its export good.
When fulfilling the role of ________ finder, the negotiator (agent) is simply making sure that information is flowing clearly between both sides, in the hopes that they can reach an agreement on their own.
Fill in the blank(s) with the appropriate word(s).
Reasons are the explanations or justifications provided as support for a conclusion
Indicate whether the statement is true or false
During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor. The production department incurred direct materials cost of $253,000 and its beginning inventory included materials cost of $93,500. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.
A. $2.48. B. $2.57. C. $2.40. D. $2.10. E. $1.53.