Which of the following organizations must follow GASB standards?
A. Investor-Owned Health Care Enterprises.
B. Not-for-Profit Nonbusiness-Oriented Organizations.
C. Governmental Health Care Organizations.
D. Not-for-Profit Business-Oriented Organizations.
Answer: C
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Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called
a. the cost of goods sold. b. the physical inventory. c. freight-in. d. accumulated depreciation.
Assets can be tangible or intangible in nature
a. True b. False Indicate whether the statement is true or false
What pitfall should Type-B personalities avoid?
a. controlling every aspect of a project b. allowing slackers to get away with doing next to nothing c. covering for an absent employee d. doing all a group's work to stay ahead of a deadline
Riverboat Adventures pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $35,000, a building appraised at $105,000, and paddleboats appraised at $210,000. Compute the cost that should be allocated to the building.
A. $89,178. B. $97,500. C. $105,000. D. $93,000. E. $140,000.