For each of the following descriptive phrases, indicate the type of fund from the list.A. Governmental fundsB. Proprietary fundsC. Fiduciary funds________ 1. Includes permanent funds held in trust to be used for public purposes________ 2. Sometimes referred to as self-supporting or business-like funds________ 3. Any fund held by a government in a custodial or trustee relationship for an external party________ 4. Used when the government collects taxes or amounts to be invested for external parties________ 5. Enterprise and internal service funds
What will be an ideal response?
1. A, 2. B, 3. C, 4. C, 5. B
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Revenue and expense balances are transferred from the adjusted trial balance to the income statement.
Answer the following statement true (T) or false (F)
Executive summaries sometimes include:
a. an example b. an illustration c. both of the above d. none of the above
Determine the variance of the following sample of survey data: 2, 1, 3, 3, 4
a. 1.04 b. 1.02 c. 1.30 d. 1.14
In the computation of a partner's Loss Absorption Potential (LAP), which of the following statements is incorrect?I. The computation of LAPs for all partners allows cash to be distributed before all partnership assets have been sold and all creditors have been paid. II. The computation of LAPs for all partners indicates the relative strength of each partner's net capital position so that available cash is distributed in respective loss-sharing ratios.
A. Neither I nor II B. II C. I D. Both I and II