With regard to the government-wide statements, indicate the three categories of Net Position that should be reported and describe what would be put into each category.
What will be an ideal response?
The three categories of net position are (1) Net investment in capital assets. (2) restricted, and (3) unrestricted. The first category would be the capital assets less depreciation, less debt associated with the acquisition of capital assets. The second category would include net resources restricted by donors, granting agencies, bond covenants, superior governments (e.g., states with regard to local governments), and legislation by the reporting government. The third category would be a "plug" figure.
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Which of the following terms best represents the communication channel that a company uses to move its advertising messages from sender to receiver?
A) decoder B) media C) encoder D) communicator E) feedback loop
The members of a cross-functional team have an informal agreement that whenever a team member goes out of town on business, that team member will leave a phone number where he or she can be reached. This arrangement is known as a
A. deviance rule. B. group norm. C. group role. D. virtual norm. E. virtual role.
A single taxpayer has adjusted gross income of $325,000 and has total itemized deductions in various categories totaling $20,000. The taxpayer discovers some additional deductions for AGI. The extra deductions can not affect his itemized deductions.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. The sum of ending inventory and cost of goods available for sale equals cost of goods sold. 2. Beginning inventory plus net purchases equals cost of goods sold. 3. The objective of inventory tracking is to allocate the cost of goods available for sale between the cost of units sold and the cost of unsold inventory. 4. One benefit of the LIFO inventory method is that it most closely matches the actual flow of goods in most cases. 5. When using the FIFO inventory method, the ending inventory has the newer costs.