Which of the following is true regarding the government-wide Statement of Activities?
A. Program revenues include charges for services, operating grants and contracts, capital grants and contracts, and taxes levied for specific purposes.
B. The accrual basis of accounting is used to calculate revenues and expenses.
C. Both of the above.
D. Neither of the above.
Answer: B
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A small nation places a tariff of $1000.00 on automobiles. If 40 autos are imported, the government collects $40,000 in duties. This is a calculation of the
a. redistributive effect. b. protective effect. c. revenue effect. d. consumption effect.
When a previously written-off account is recovered in the same accounting period, under the direct write-off method, which of the following entries is required to reinstate the account?
a. debit Accounts Receivable and credit Cash; b. debit Cash and credit Bad Debt Expense; c. debit Cash and credit Accounts Receivable; d. debit Accounts Receivable and credit Bad Debt Expense; e. debit Bad Debt Expense and credit Cash
In an electronic data interchange environment, customers routinely
a. access the vendor's accounts receivable file with read/write authority b. access the vendor's price list file with read/write authority c. access the vendor's inventory file with read-only authority d. access the vendor's open purchase order file with read-only authority
In the AEIOU model, what is meant by users?
a. the people whose needs and behaviors are being observed b. the people that are involved in the activity c. the nature of exchange between the person and something or someone else d. the physical items that people interact with