What are the salient features and changes in the Government Accounting Manual? What problems or issues of the previous government accounting system that it tries to address?
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A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
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A: Answer is option 4 i.e $ 650, 840 ( approx) ( F)
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A: Balance sheet refers to the financial statement of the business entity. It is divided into two parts...
Q: A. Occurrence B. Completeness C. Rights and obligations D. Allocation or valuation E. Classification...
A: Solution:- Identify each of the following control activities and identify the management assertion t...
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A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
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A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in...
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A: Given are the financial records of Lipton company of December 31 ,2016. A cash balance suggests tha...
Q: Assume that sales revenue in 2022 changed to $755,00 and cost of goods changed to $512,000. Income t...
A: Formula: Net income = Total Revenues - Total Expenses
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A: The annual profit is calculated as revenue less variable cost and fixed costs
Q: What is y=mx+b
A: This is a case of equation. when a question is formed , and calculated there is relationship between...
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A: The given question relates to the depreciation topic.
Q: . If the total actual cost of variable factory overhead for the period as reported by the accounting...
A: Solution: Total variable factory overhead variance is the difference between standard variable overh...
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A: Calculation of yearly payments = [P x R x (1+R)^N]/[(1+R)^N-1] P = Principal amount R = Rate of Inte...
Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...
A: Fixed cost is the cost that doesn't change with the change in the output or production level.
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A: Answer) The correct option in the given question is: c. ACCOUNT DEBITED ACCOUNT CREDITED EQ...
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A: Solution Working note - Calculation of net income- Sales 489000 Less Cogs -280000 Gross profi...
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A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
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A: Equivalent units shows how much the number of units could be produced if the 100% work is completed....
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A: d)
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A: An accounting error is a mistake that occurs unintentionally in a financial transaction. When a mist...
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A: The partnership comes into existence when two or more persons agree to do the business and further s...
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A: When there is increase in the units manufactured, the non-variable cost will be apportioned to more ...
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A: Thus, depreciation is the decrease in asset value as well as the technique utilized to reallocate, o...
Q: Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and obli...
A: Solution:- The nine ASB management assertions applies by placing correct control procedures.
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A: 1)statement of equivalent production Input output Input cost Direct Material Added Conversion cos...
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A: Percentage of shares hold by investor = Number of shares hold by investorTotal number of shares outs...
Q: Systems for the year ended Dec. 31, 2018: lce of the Moises Dondoyano Information Moises Dondoyano I...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: The following are facts about a company's activities: Cash flows from operating activities was $33,0...
A: Formula: Cash flow statement: All cash in and out flows are shown in cash flow statements. It tells ...
Q: (Ignore income taxes in this problem.) Your Company is considering a project with a 6-year life. You...
A: NPV analysis is a type of intrinsic valuation that is widely used in finance and accounting to deter...
Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were...
A: The question has asked effect of the errors on sales in 2019. In December 2019, Ana Inc sold merchan...
Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays sem...
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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Buring 2021, Cavite Coffee had profit of P8,200,000. Included on its income statement was depreciati...
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the...
Q: way Inc. in relation to operating segments.
A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...
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A: Material Cost is the cost that is incurred by the company while purchasing the material. Whereas, th...
Q: During the past year, the high and low use of three different resources for Fly High Airlines occurr...
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of fi...
Q: During 2021, Cavite Coffee had profit of P8,200,000. Included on its income statement was depreciati...
A: In calculation of Net cash flows from operating Activities using Indirect method, the following adju...
Q: Adonis Corporation issued 10-year, 11% bonds with a par value of $300,000. Interest is paid semiannu...
A: Interest payment per period=Par value×Coupon rate×6 months12 months
Q: Today's Assignment- Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- ...
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Q: What is the best budgetary system for the Philippines? Justify your Answer.
A: The United States Government's budget system offers tools for the government to choose how much mone...
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A: Income statement: The income statement shows the company's revenues and expenses earned during the p...
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- Briefly expalin what is government accounting and what are some good features on government accountingWhat databases are appropriate for government accounting?What are the bases of accounting? Describe how government accounting systems are structured. How do they help prevent fraud and guarantee conformance with legal requirements? Give examples.
- Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAPWhy is preparation of the government-wide statements considered to be "challenging"?GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND SUMMARY