Fiduciary funds use a basis of accounting similar to which of the following funds?
A. Special revenue funds.
B. Permanent funds.
C. Debt service funds.
D. Enterprise funds.
Answer: D
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Wade and Paul form Swan Corporation with the following investments. Wade transfers machinery (basis of $40,000 and fair market value of $100,000) and Paul transfers land (basis of $20,000 and fair market value of $90,000) and services rendered (worth $10,000) in organizing the corporation. Each is issued 25 shares in Swan Corporation. With respect to the transfers:
A. Wade has no recognized gain; Paul recognizes income/gain of $80,000. B. Neither Wade nor Paul has recognized gain or income on the transfers. C. Swan Corporation has a basis of $30,000 in the land transferred by Paul. D. Paul has a basis of $30,000 in the 25 shares he acquires in Swan Corporation. E. None of these.
Consider the following manual simulation of machine breakdowns and repair
Breakdowns Time between breakdowns, x (weeks) Repair time, y (days) Cost ($2,000 y) 1 4 1 $2000 2 5.7 2 $4000 3 5.5 2 $4000 4 2.5 1 $2000 5 5.2 2 $4000 6 5.8 2 $4000 7 1.6 1 $2000 8 2.3 2 $4000 9 1.2 2 $4000 10 3.3 2 $4000 What operating characteristics can be obtained from this simulation?
Total asset cost less accumulated depreciation equals book value.
Answer the following statement true (T) or false (F)
Describe the different components of employee compensation.
What will be an ideal response?