On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:
A. A debit to Grants Receivable in the amount of $300,000.
B. A credit to Revenues in the amount of $300,000.
C. A credit to Deferred Inflows of Resources-Grant Proceeds in the amount of $300,000.
D. No journal entry will be made until expenditures for the authorized purpose occur.
Answer: D
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The organization of business messages should be organized based on
a. a prediction of the receiver's reaction to the main idea. b. the deductive sequence. c. the inductive sequence. d. a reflection of the writer's mood and personality.
The ____________________ is a short synopsis of the important ideas, observations, problems, and conclusions contained in your report.
Fill in the blank(s) with the appropriate word(s).
Explain the meaning of discretionary cash flow
What will be an ideal response?
Ellen contracts with James to be her stockbroker, making stock trades for Ellen's account. Ellen need not pre- approve the trades that James makes, only trades for more than $20,000 . Ellen and James include a clause stating "that in case of any disputes arising out of this contract; the dispute shall be arbitrated using the rules of the New York Stock Exchange." Ellen learns that since signing
her contract with James, he has routinely been making trades worth more than $20,000 without her permission, and losing money. After presenting her evidence at arbitration, Ellen is quite happy when they decide that, in fact, James has violated his contractual obligations to her, and owes her damages. Any damages that Ellen wins are known as: a. an award b. a judgment c. an exaction d. a presentation e. a collection