TESTSOLVER9 STORE

The section of the comprehensive annual financial report that presents tables and charts showing social and economic data in addition to financial trends, fiscal capacity, and operating information of the government is the: A. Introductory section. B. Management discussion and analysis section. C. Statistical section. D. Financial section. - Answer Statistical section. When part of a progress payment for construction is withheld until final settlement of the contract, what account is...

If a government records the budget, and actual revenues exceed budgeted revenues, what would be the impact on the year-end financial statements? A. The difference between actual and budgeted revenues would be recorded as a budgetary reserve on the balance sheet. B. The difference between actual and budgeted revenues would be shown as a revenue contra account on the statement of revenues and expenditures. C. The difference between actual and budgeted revenues would be reported on neither the...

Which funds must be displayed individually in the fund financial statements? A. All proprietary funds and all of the major governmental funds B. All funds must be displayed individually in the fund financial statements C. Those funds that the governing body thinks are big D. Major funds (governmental and proprietary) are reflected while non-major funds are grouped together. - Answer D. Major funds (governmental and proprietary are reflected while non-major funds are grouped together...

Under the modified accrual basis of accounting, revenues cannot be recognized - Answer Until they are measurable and available "Available" (as in "measurable and available") means - Answer Available to finance expenditures of the current period Property taxes are an example of - Answer An imposed nonexchange transaction To be considered "Available" property taxes must have been collected either during the government's fiscal year or within - Answer ...

-often same product produced -using similar resources -using scarce resource to produce a product or service -using managements' systems to report relevant and timely results -same economic system -control and evaluation techniques used - Answer similarities between government and non profits -no profit motive -policy setting done by elected or appointed officials -budget is the driving force -tax exempt debt issued -no shareholders/owners -financial resource contributors d...

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attorney in fact - Answer A power of attorney is a formal manifestation that states an agent's authority. The agent is known as the: durable power of attorney - Answer A(n) __________ is a written instrument that expresses the principal's intention that the agent's authority will not be affected by the principal's subsequent incapacity or that the agent's authority will become effective upon the principal's subsequent authority. contract or agreement. - Answer ...

Dale and Wayne have a limited partnership. Dale and Wayne agree to allow Salim serve as a limited partner in the limited partnership, on the condition that he provide a contribution to the limited partnership. What may Salim use to fulfill this contribution requirement? a. Cash b. Property c. Services rendered d. All of these are correct. - Answer All of these are correct. A power of attorney is a formal manifestation that states an agent's authority. The agent is known as the: ...

Difference of law and Justice - Answer Separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common good Broke criminal law / who will prosecute - Answer Prove beyond a reasonable doubt State / Federal Government Prosecutes Courts of law with money vs equity - Answer Action of law is money Action of equity is non-monetary Know sources of law / who has supreme law Article 6 Clause 2 - Answer...

A legal entity separates and distinct from its owners referred to as shareholders, and formed by filing articles of incorporation is a: a. corporation. b. limited liability company. c. limited partnership. d. general partnership. - Answer a. corporation. A partner who has no right to participate in control of the business and who has limited liability is called a: a. limited partner. b. nominal partner. c. secret partner. d. general partner. - Answer limited partner. In c...

What is a trade secret? - Answer Commercially valuable. secret information. What protection is afforded to a trade secret? - Answer Under State and Federal law, the owner of a trade secret may obtain damages or injunctive relief when the trade secret is misappropriated (wrongfully used) by an employee or a competitor; under Federal law, criminal penalties are imposed for the theft of trade secrets. What is a trademark? - Answer A distinctive symbol, word, or design that is u...

What is a Law? - Answer A rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong. What are the functions of law? - Answer To maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change. What are legal sanctions? - Answer Means by which the law enforces the decisions of the...

Which of the following contracts is covered by Article 2 of the Uniform Commercial Code? a. The sale of a building. b. The sale of new furniture. c. An agreement to have the sidewalk shoveled. d. A sale of stock in ABC, Inc. - Answer b. The sale of new furniture. Any property other than an interest in real property, is/are: a. tangible property. b. intangible property. c. goods. d. personal property. - Answer d. personal property. Which of the following ...

Contracts are primarily governed by the Uniform Commercial Code. - Answer False The difference between an express contract and an implied in fact contract is the manner in which assent is manifested. - Answer True A negotiable instrument, such as a check, is not a formal contract. - Answer False A quasi contract is another name for an oral contract. - Answer False During the twentieth century it became harder to enter into a contract as well as to get out of one...

In reviewing an agency action, which of the following is included in the questions of law a court will consider? (A) Whether the agency violated any constitutional provision. (B) Whether the agency acted contrary to the procedural requirements of the law. (C) Whether the agency exceeded its authority. (D) All of these would be considered. - Answer (D) All of these would be considered. What standard does a court use in reviewing the factual determinations of an administrative agency? ...

In the common law system of the United States, a crime is defined as: (A) a private wrong that necessitates litigation between the victim and the perpetrator. (B) any act or omission prohibited by the government and made punishable in a judicial proceeding brought by the government. (C) litigation where the injured party sues to recover compensation for the damages and injury sustained as a result of the defendant's wrongful conduct. (D) interstate compacts and the rules and regulations o...

Contracts are primarily governed by the Uniform Commercial Code. - Answer False The difference between an express contract and an implied in fact contract is the manner in which assent is manifested. - Answer True A negotiable instrument, such as a check, is not a formal contract. - Answer False A quasi contract is another name for an oral contract. - Answer False During the twentieth century it became harder to enter into a contract as well as to get out of one...

Which of the following is a special relationship giving rise to a duty to act to aid or protect one in peril? A. Hotel and guest B. Cousin to cousin C. School principal and student D. Hotel and guest, and school principal and student - Answer D Sometimes the reasonable person standard of conduct may be established by legislation. An unexcused violation of that statute which causes an injury to another is: A. negligence per se. B. supervening event. C. res ipsa loquitur. D. contri...

A power of attorney is a formal manifestation that states an agent's authority. The agent is known as the: a. fiduciary. b. servant. c. attorney in fact. d. independent contractor. - Answer c. attorney in fact. A(n) __________ is a written instrument that expresses the principal's intention that the agent's authority will not be affected by the principal's subsequent incapacity or that the agent's authority will become effective upon the principal's subsequen...

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