GASB requires which of the following (if applicable) to be included in the Notes to Financial Statements?
A. The definition of cash and cash equivalents used in the statement of cash flows for proprietary funds
B. Outstanding encumbrances
C. Interfund receivables and payables
D. All of the choices are correct
Answer: D
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The break–even point is the level of sales at which the contribution margin covers ________
a. variable costs b. net income after tax c. fixed costs d. net income before tax
Which of the following is the primary drawback of traditional strategic control systems?
A. They lack the flexibility needed to adjust to changes in the environment. B. Goals and objectives cannot be measured with a high level of certainty. C. They are only appropriate when the environment is stable and simple. D. They lead to complacency.
The chi-squared statistic examines…
a. the difference between observed and expected counts as a proportion of expected counts b. the squared difference between observed and expected counts as a proportion of expected counts c. the difference between observed and expected counts as a proportion of observed counts d. the squared difference between observed and expected counts as a proportion of observed counts
SQRLY LLC has about 25 LLC members. SwanCo (30% owner) and QuinnCo (16% owner both have June 30 tax year-ends. Royce, Inc.; Larry, Inc.; and Yolanda, Inc. each own 4% (12% total) and have September 30 taxable year-ends. Each of the other LLC members (42% total) owns interests of 4% or less and use the calendar year (December 31). Which of the following statements is true regarding the LLC’s required taxable year end?
A. The taxable year is determined under the least aggregate deferral rule. B. The taxable year is determined under the majority interest rule because a majority of members have the same year-end. C. The taxable year is determined under the principal partner rule because both SwanCo and QuinnCo have the same taxable year. D. The taxable year ends on December 31 because more LLC members use a calendar year than any other year. E. There is no required taxable year because there are more than 20 members.