Answer:
e. Commitments for purchase orders are recorded as expenses.
Explanation:
The official statements of Governmental Accounting Standards Board (GASB) are the most superior authoritative rules for local and state government accounting in a country.
The following statements below are all correct in line with the Governmental Accounting Standards Board (GASB);
1. Governmental funds account for expenditures of financial resources rather than matching revenues and expenses.
2. The Encumbrances Outstanding account should be reversed and closed at the end of a fiscal year.
3. Revenues from licenses and permit fees are recognized when received in cash if using the modified accrual basis of accounting for governmental funds.
4. A fund is an independent accounting entity composed of cash and other financial resources, segregated for the purpose of carrying on specific activities and objectives.
Also, commitments for purchase orders are recorded in the purchase order or an approved requisition.
Answer:
a) Expenditures $450,000; Supplies inventory $150,000
Explanation:
At fiscal year-end, the appropriate account balances on the general fund financial statements would be:
Supplies for use by activities accounted for in the general fund $450,000
Less supplies used during the year $300,000
Balance =$150,000
Hence;
Expenditures $450,000; Supplies inventory $150,000
Answer:
B, The agent should ask the customer to sign a statement acknowledging that he is aware of the change.
Explanation:
Just like in any contract, when there is a change in the details of the contract, it is mandatory that both parties are notified and that there is a document and signature confirming the acknowledgement of the changes.
So also in the case of this policy, the agent has to notify the customer of changes made to his policy and ensure the customer signs an acknowledgement of the change to avoid a breach of contract. When a customer is ignorant of a change to his policy, he can file a lawsuit against his agent and insurer depending on who is at fault.
Cheers.
Answer:
False.
Explanation:
Attribution theory suggests that leadership arises because of the existence of certain attributions of the persons like intelligence, oral skills or determination. In no way this approach tries to prioritize the objectives of an organization. Actually, explains certain dynamics in capital human which explains the leadership and how share and stakeholders understand the concept.
Answer:
The correct answer is letter "D": To promote high standards of ethical norms and values.
Explanation:
The American Marketing Association (<em>AMA</em>) is a professional association for marketing experts. The AMA is committed to promoting its members -practitioners, academics, and students- to the highest standard of professional ethical norms and values to be used in the organizational field and society.