TESTSOLVER9 STORE

Accounting Equation Assets = Liabilities + Equity; - Answer the foundational relationship that must always balance in accounting. Assets - Answer Resources owned or controlled by an entity that provide future economic benefits. Liabilities - Answer Obligations an entity owes to external parties. Equity - Answer The owner's residual interest in assets after liabilities are deducted. Purpose of the Accounting Equation - Answer Ensures every transaction ...

The GASB has the authority to establish accounting and financial reporting standards for: - Answer State governments Which of the following best describes how many funds a government should use? One for each revenue source Two at a minimum; the General Fund and one enterprise fund As many as necessary to fulfill legal requirements and sound financial ' administration. None of the choices is correct - Answer As many as necessary to fulfill legal requirements and sound fina...

Government Purpose - Answer 1) To Provide a public service 2) With a reasonable surplus 3) Reporting needs: Inflows & Outflows Government Sources of Rev - Answer Involuntary Taxes Accounting Standards Used - Answer 1) Government Accounting Standards Board (GASB) - State and local governments 2) Federal Accounting Standards Advisory Board (FASAB) - Federal government 3) Financial Accounting Standards Board (FASB) - Business & Not-for-profit entities Fund Acco...

What are some features of a Not-for-Profit? - Answer It's okay for a NFPO to have a profit and whoever makes a contribution may not receive the direct benefit of that contribution Characteristics of a VHWO - Answer Meet community health, welfare, or other social services' needs; people who give money may not get the benefit; typically, no fee/minimal fee is charged What kind of accounting does Not-for-Profit utilize? - Answer Accrual What is the revenue and expen...

Name the account - Answer Cash - Answer Asset Accounts / Notes Receivable - Answer Asset Inventory - Answer Asset Prepaid Expense - Answer Asset Land - Answer Asset Buildings - Answer Asset Equipment - Answer Asset Furniture & Fixtures - Answer Asset Accounts Payable - Answer Liability Notes Payable - Answer Liability Accrued liabilities - Answer Liability Common Stock - Answer Owne...

Which of the following is a primary user of managerial accounting? - Answer Creditors Employees Investors All of the above A=Employees Which business form offers limited liability to its owners but is not a tax-paying entity - Answer limited liability company Assets: - Answer Are economic resources Future benefits Cash, inventory, equipment A=(all of the above) Which of the following is the accounting equation for business? - Answer Assets= liabilities...

Assets - Answer Economic resources that provide a future benefit *Normal DEBIT balance Liabilities - Answer Debt or payable *Normal CREDIT balance Stockholders' Equity - Answer Stockholders' claims to the assets of a company *Normal CREDIT balance What are assets recorded at? - Answer Their historical cost Current Assets *Balance Sheet* - Answer Expected to be used or converted to cash within one business cycle Examples: Cash & cash equivalen...

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Mediator - Answer A neutral third party who assists the disputing parties to reach their own agreement. They're not empowered to make a decision not press for a particular outcome Mediation - Answer A facilitated negotiation. Also, a conversation about making decisions Advantages of Mediation, Compared to Adjudication - Answer -Faster/cheaper (efficiency) -Flexible and informal -Greater participant satisfaction (psychological ownership) -Higher compliance rate...

Position - Answer A party's perspective of how an issue or conflict should be resolved is his/her Interests - Answer Those things that drive people to take the positions they take Which approach to resolving conflict generally takes the least time and cost the least amount of money - Answer Reconciling underlying interest The point which negotiator would like to conclude negotiations - Answer The target point is Separating the people from the problem - Answ...

Issue - Answer The matter in dispute or subject of the conflict Position - Answer A party's perspective of how an issue or conflict should be resolved Interests - Answer Those things that drive people to take the positions they take Thomas-Kilmann's Five Conflict Mode - Answer Competing, collaborating, compromising, avoiding, accommodating Three Approaches to Resolve Disputes - Answer 1. Reconciling underlying interests, 2. Determining rights, 3, D...

Adjudication - Answer A public and adversarial dispute resolution process in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards. Arbitration - Answer A private and adversarial dispute resolution process in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards. Advantages of Arbitration vs Adjud...

Judicial settlement conference - Answer An informal meeting during a pre-trial conference where the judge assigned to the case assists the parties in settlement discussions is referred to as Special Master - Answer A court-appointed neutral who designs settlement options in complex, class-action cases (private sector) or in response to a national disaster (public sector) is know as a summary jury trial - Answer A pre-trial proceeding for complex civil cases header for a j...

adjudication - Answer a public and adversarial dispute resolution process in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards arbitration - Answer a private and adversarial dispute resolution process in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards advantages of arbitration over adjud...

A party's perspective on how a issue or conflict should be resolved - Answer Position Things that drive people to take the positions they take - Answer Interests Which approach to conflict takes the least amount of time and money - Answer Reconciling underlying interests Point in which a negotiator would like to conclude negotiations - Answer Target point Distributive bargaining tactics include: - Answer split the difference, red herring, boulwarism ...

Adjudication - Answer A public and adversarial dispute resolution process in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards. Arbitration - Answer A private and adversarial dispute resolution in which disputants present proofs and arguments to a neutral third party who has the power to issue a binding decision based on objective standards. Difference between adjudication and arbitr...

ABA Definition of OMBUDS - Answer -receive complaints and questions from individuals concerning people within an entity/functioning of an entity. -They work for the resolution of particular issues and, where appropriate, make recommendations for the improvement of the general administration of the entities they serve. -protect: the legitimate interests and rights of individuals with respect to each other; individual rights against the excesses of public and private bureaucracies; and...

mediation - Answer a neutral third party who assists the disputing parties to reach their own agreement advantages of mediation 5 - Answer -faster and cheaper -flexible and informal -participant satisfaction (psychological ownership) -preserve parties' relationships -prevent future disputes disadvantages of mediation 4 - Answer -cannot guarantee settlement -enforceability concerns -cannot create legal precedent may not protect the disempowered -cannot provide p...

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During the 19th century most critical health problems were cause by? - Answer contaminated food and water, inadequate housing, & sewage disposal The most important factor in the decline in mortality in the 20th century was essentially.... - Answer hygiene, supported by home and workplace improvements and attempts to improve the environment. What is the most significant change in the U.S. healthcare system in the past 5 years? - Answer the number of individuals you have ac...