Explain the essential differences between general purpose and special purpose governments and give several examples of each.
What will be an ideal response?
General purpose governments are those that provide many categories of services to residents. These include states, counties, municipalities, and townships. Special purpose governments provide only a single or, at most, a few functions. Examples of special purpose governments are special political subdivisions or districts that provide education, drainage and flood control, irrigation, soil and water conservation, fire protection, and water supply. Public colleges and universities are another example.
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Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO
a. True b. False Indicate whether the statement is true or false
Employees are satisfied with their jobs as long as they perceive that
A. their jobs are the greatest source of happiness. B. their jobs meet their important values. C. they are doing better than their subordinates. D. their jobs can lead to the obtainment of everything they've ever wanted. E. there are no better employment options available.
A theoretical difference between the effective interest method and the straight-line amortization method is that
A) the effective interest method is easier to use. B) the effective interest method can be used if there is a material difference in the computation when compared to the straight-line method. C) the effective interest method produces a result that is based on a constant rate of interest. D) the effective interest method produces a result that is based on a constant interest expense.
U.S. GAAP and IFRS provide guidance for deciding whether a given financing arrangement appears as a liability on the balance sheet or is disclosed in the notes
Indicate whether the statement is true or false