Chapter 17 Accounting and Reporting for the Federal Government True / False Questions 1. Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. True False 2. By law‚ federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. True False 3. The objectives of federal financial reporting
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FINANCIAL ACCOUNTING FOR MANAGEMENT o 6. I 7. J 8. SANJAY INDUSTRIES LTD. Balance Sheet and Income Statement The following is the trial balance bf Sanjay Industries Ltd. as on 31 st March 2006. 1. 2. of Rs. 10 each) Mal IntE Pre Further information 1. Outstanding rent amounted to Rs. 7‚200 while outstanding salaries Rs. 8‚100 at the end Ca: 2. 3. 4. 5. the year. Make a provision for doubtful debts amounting to Rs. 4‚590. Stock on 31st March 2006 was valued
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1. | Question : | Li Retailing reported the following items for the current year: Sales = $3‚000‚000; Cost of Goods Sold = $1‚500‚000; Depreciation Expense = $170‚000; Administrative Expenses = $150‚000; Interest Expense = $30‚000; Marketing Expenses = $80‚000; and Taxes = $300‚000; Li’s operating profit margin is equal to | | | Student Answer: | | 25.67% | | | | 35.67% | | | | 36.67% | | | | 50.00% | | Instructor Explanation: | Operating Profit Margin = EBIT/Sales
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A proposal to extend the ABC Gas Company Ltd’s gas distribution network to the NOIDA industrial cluster‚ about 40 km east of Delhi‚ at distance of about 20 kms from the ABC’s existing transmission line‚ is under the consideration of its CEO‚ Prerna Goyal. The NOIDA industrial cluster is dominated by the textiles industry including texturising‚ weaving‚ spinning and yarn units with over 2‚500 small and medium size units. The potential of gas consumption in these industries is mainly on account of
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Batching and EOQ Operations Management Instructor: Cuihong Li Name: Gupta‚ Randeep Instruction: 1) Print your name above. 2) Please hand in your work at the beginning of the class on the due date. 3) You need to present not only the answer to each question but also how the answer is reached‚ for example‚ the formula‚ calculation‚ and explanation when necessary. 4) Total points: 13 1. JCL Inc. is a major chip manufacturing firm that sells its products to computer manufacturers like Dell‚ HP‚ and others
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CHAPTER 2 & 3 Top of Form Question 1 1. Below is the common equity section (in millions) of Teweles Technology’s last two year-end balance sheets: 2009 2008 Common stock $2‚000 $1‚000 Retained earnings 2‚000 2‚340 Total common equity $4‚000 $3‚340 Teweles has never paid a dividend to its common stockholders. Which of the following statements
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| |7. |Of the two methods of accounting for uncollectible receivables‚ the allowance method provides in advance for uncollectible | | | |receivables. |True False | |8. |Generally accepted accounting principles do not normally allow the use of the direct write-off method of accounting for |
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| | | |Module Title / Assignment Number: Financial Accounting | | | |Submission Date: January 6th
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| |[pic] |Government Authorized Accounting Procedures | |[pic] |Generally Applied Accounting Procedures | |[pic][pic] |Generally Accepted Accounting Principles | The total equity of Timberlake
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Lecture 7 – Tutorial Questions Tutorial List: 7-1‚ 7-2‚ 7-3‚ 7-4‚ 7-5‚ 7-6‚ 7-7‚ 7-8‚ 7-9 7.1. Kristen Hope asks your help concerning an NSF check. Explain to Kristen (a) what an NSF check is‚ (b) how it is treated in a bank reconciliation‚ and (c) whether it will require an adjusting entry. 7.2. The bank portion of the bank reconciliation for Brasilia Company at October 31‚ 20X1 was as follows. BRASILIA COMPANY Bank Reconciliation
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