This topic contains a solution. Click here to go to the answer

Author Question: When reporting on the General Fund in the fund financial statements, what is the general principle ... (Read 81 times)

faduma

  • Hero Member
  • *****
  • Posts: 528
When reporting on the General Fund in the fund financial statements, what is the general principle regarding the accrual of sales taxes collected by merchants but not yet remitted to the taxing government?
 
  a. sales taxes should be recognized only if received by the state by year end
  b. sales taxes should be recognized when the merchant makes the sale provided taxes are received early enough in the following year to finance expenditures of the period covered by the statements
  c. sales taxes should be accrued provided they are received within 15 days after the end of the accounting period
  d. sales taxes should be accrued based on an estimate of amounts received by merchants but not yet remitted to the state, regardless of when the taxes are remitted

Question 2

A person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate and are being followed may be referred to as a(n)
 a. bookkeeper.
   b. accountant.
   c. information processor.
   d. internal auditor.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sierrahalpin

  • Sr. Member
  • ****
  • Posts: 329
Answer to Question 1

b

Answer to Question 2

d




faduma

  • Member
  • Posts: 528
Reply 2 on: Jul 5, 2018
Gracias!


mohan

  • Member
  • Posts: 362
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

For a complete list of videos, visit our video library