In governmental accounting, emphasis is placed on:
A. Expenditures of funds.
B. The flow of funds through the income statement.
C. Generating income from funds employed.
D. Total assets owned by the governmental entity.
Answer: A
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Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000 . What amount of loss on realization should be allocated to Alpha?
a. $60,000 b. $20,000 c. $30,000 d. $50,000
The distinction between lost property and mislaid property depends upon:
A) Whether the property was found on public or private property. B) Whether the property belonged to a minor or an adult. C) Whether the true owner intentionally placed the property in the place where it was found. D) Whether the true owner later finds it.
A transshipment problem with four layers may include:
a. Sources. b. Destinations. c. Both sources and destinations. d. Neither sources nor destinations.
On average, how long does a snowplow wait before the mechanic can begin his repair?
A crew of mechanics at the Department of Transportation garage make minor repairs to snowplows during the winter. The snowplows break down at an average rate of 4 vehicles per day and breakdowns are distributed according to the Poisson distribution. The mechanic can service an average of 7 vehicles per day with a repair time distribution that approximates a negative exponential distribution. Assume an 8 hour day.