Rainy day funds are classified as restricted if they are created by a resolution or ordinance that identifies the specific circumstances under which the resources may be expended.
Answer the following statement true (T) or false (F)
False
GASB standards state that rainy day funds may be classified as committed only if they are created by a resolution or ordinance that identifies the specific circumstances under which the resource may be expended.
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Paulson is retiring from the partnership on December 31, 2018. The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is paid $100,000 cash in full compensation for her capital account balance. Which of the following journal entries would the firm record for this transaction? (Round the final answer to the nearest dollar.)
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account
balances:
A fundamental principle in the law of agency is that the principal–agent relationship
creates _____ duties between the parties. Fill in the blanks with correct word
What is the drawback of the default correlation measure and what alternative measure is used in measuring portfolio credit risk?
What will be an ideal response?
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 6.5ounces$2.00per ounce$13.00Direct labor 0.2hours$23.00per hour$4.60Variable overhead 0.2hours$6.00per hour$1.20The company reported the following results concerning this product in June. Originally budgeted output 2,700unitsActual output 2,800unitsRaw materials used in production 19,380ouncesPurchases of raw materials 21,400ouncesActual direct labor-hours 500hoursActual cost of raw materials purchases$40,660 Actual direct labor cost$12,050 Actual variable overhead cost$3,100 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the
materials are purchased.The variable overhead efficiency variance for June is: A. $360 F B. $360 U C. $372 U D. $372 F