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Svetllana [295]
3 years ago
13

Fiduciary activities are reported only in the fiduciary fund financial statements; they have no effect on the governmental or bu

siness-type activities of the primary government reported in the government-wide financial statements.
True or False?
Business
1 answer:
LuckyWell [14K]3 years ago
4 0

Answer:

The correct answer is True.

Explanation:

Fiduciary assignments that have as their object the realization of investments, the administration of goods or the execution of activities related to the granting of guarantees by third parties to ensure the fulfillment of obligations, the administration or surveillance of the goods on which the guarantees fall and the carrying them out, subject to the restrictions established by law; act as transfer agent and register of securities; act as a representative of bondholders; act as trustee, curator of property or as depositary of sums recorded in any court, by order of judicial authority or by determination of persons who have legal power to designate them for such purpose.

Fiduciary companies may carry out investment trust operations through commercial fiduciary contracts, concluded in accordance with legal formalities, or through fiduciary orders.

Fiduciary activities are not reported in the government-wide financial statements

They may form ordinary common investment funds integrated with monies received from various constituents or adherents for this purpose.

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Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of
ANEK [815]

Answer:

Total estimated bad debts = $9,400

Explanation:

days outstanding     A/c Receivable    %        estimate

0-30                           $77,000              1           $770

31-60                          $46,000              4         $1,840

61-90                           $39,000              5        $1,950

91-120                          $23,000              8         $1,840

over 120                      $15,000               20       $3,000

Total                            200,000                          $9,400                      

4 0
2 years ago
Read 2 more answers
For a business to continue, money must be available to finance future growth. <br> t or f
skelet666 [1.2K]
This is true!
Hope this helps. :)
3 0
3 years ago
Read 2 more answers
Choose the preferred sentence from each pair and justify your choice. a. (1) Lindsay's request to telecommute was denied, but sh
mr_godi [17]

Answer:

(2). Although her request to telecommute was denied, Lindsay will begin a flextime schedule in two weeks.

Explanation:

The second choice would be the most preferred as it conveys the idea in a formal and precise manner. <u>The complex sentence beginning with the subordinate clause already hints the listener that the key message is yet to come. It helps him/her in understanding the intended message without any confusion</u>. The first sentence fails to create that specificity as it connects two independent ideas which remove the listener's focus from the main idea i.e. 'she will begin a flextime schedule in two weeks.' Thus, option (2) adopts the correct format and sentence structure to deliver the message effectively, efficiently, and precisely.

4 0
2 years ago
Warner Company purchases $50,100 of raw materials on account, and it incurs $62,800 of factory labor costs. Supporting records s
a_sh-v [17]

Answer:

[Debit] Work In Process : Assembly Department $47,064

[Debit] Work In Process : Finishing Department $19,504

[Credit] Overheads $66,568

Explanation:

Note that overheads are assigned to departments on the basis of 160% of labor costs. Thus, our first point of call is to determine the labor cost for the respective departments. After that we then apply the 160 % to arrive at the Overheads assigned to that department

Step 1

Determine Departmental Labor Cost

Total Labor Costs         =   $62,800

Assembly Department = ( $44,400)

Finishing Department  =    $18,400

Step 2

Determine Overhead Cost for the Departments

Assembly Department ( $44,400 × 160 %) = $47,064

Finishing Department  ( $18,400 × 160 %)  = $19,504

Step 3

Journalize

<em>Debit</em> the Work In Process Account for the respective department and <em>Credit</em> the Overheads Account as above.

5 0
3 years ago
Which of the following statements are true? All costs in a merchandising company are period costs. Inventoriable costs are expen
Maslowich

Answer:

Period costs are expensed when incurred and Period costs do not flow through the inventory accounts.

Explanation:

Period Costs are not included in the valuation of the product and these mostly include all non-manufacturing costs. They are included as an expense in the period in which they are incurred.

5 0
3 years ago
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