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alina1380 [7]
2 years ago
5

State whether the following sentences are true or false regarding the nature of fiduciary-type funds and the accounting measurem

ents within them. If the sentence is false, state why. a. Governments may access the resources of fiduciary funds to help support their own programs. b. When a government sponsors an Investment Trust Fund, the portion that belongs to other governments is reported as assets of the Fund, but the portion belonging to the sponsoring government is not. c. The statement of net position for a typical Agency Fund shows assets and liabilities, but no fund balance. d. When reporting on the resources of Pension Trust Funds, equity securities held by the Funds are reported at original cost.
Business
1 answer:
geniusboy [140]2 years ago
7 0

Answer:

a. Governments may access the resources of fiduciary funds to help support their own programs.

True

b. When a government sponsors an Investment Trust Fund, the portion that belongs to other governments is reported as assets of the Fund, but the portion belonging to the sponsoring government is not.

True

c. The statement of net position for a typical Agency Fund shows assets and liabilities, but no fund balance.

True

d. When reporting on the resources of Pension Trust Funds, equity securities held by the Funds are reported at original cost.

True

Explanation:

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The information given shows that Denelle is conducting a trend analysis.

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Name any TWO markets within the four-sector circular flow model​
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While a mechanic works on his car, a taxi driver takes Robert to his job as a warehouse laborer. At the end of his shift, he mak
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The following information is available for Montrose Company at December 31: Cash in bank account $ 8,540 Petty cash $ 250 Short-
ANEK [815]

Answer:

Cash $10,430 ; Cash equivalents $20,400

Explanation.

Cash consist of all currencies in hand or any convertible asset which can be converted to cash immediately.

It is to be noted that the assets with high liquidity will be included in cash and cash equivalent balance. They can quickly be converted to cash and would normally have 90 or lesser days to mature.

Solution.

$

Cash in bank. 8,540

Petty cash. 250

Check from customer. 1,350

Money order. 290

Cash. 10,430

The check has a very short maturity period since it will clear within 3-4 working days.

Money order can be cashed immediately .

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=$20,400.

The amounts considered as cash and cash equivalents as of 31 December are ;

Cash $10,430 , $20,400 respectively.

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