Cost of goods sold is equal to the cost of goods:
A. manufactured minus ending finished goods.
B. available for sale minus beginning finished goods.
C. manufactured minus beginning finished goods.
D. available for sale minus ending finished goods.
Answer: D
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Use the following to answer the questions below:On October 1, 2016, the City of Mizner issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4,968,750 was used to construct the addition, which was completed prior to June 30, 2017. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2016, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2017. The fiscal year for Mizner is July 1- June 30.How would the construction costs of $4,968,750 be reported at year-end?
A. As a capital asset in the Statement of Net Position only. B. As an expenditure of the capital projects fund only. C. As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. D. As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position.
All of the following are typical business uses of life insurance except:
A) protect the business against loss caused by the death of a key person B) provide a means of rewarding and retaining valuable employees C) provide severance pay to employees when jobs are terminated D) protect the value of the partnership at the death of an owner/insured
Front-end applications are created in order to provide a mechanism for easy interaction between the database and the DBMS
Indicate whether the statement is true or false
The importance of purchasing rests on three areas: quality, service, and cost.
Answer the following statement true (T) or false (F)