Identify the adjustment entries, if any, necessary to prepare ...

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Identify the adjustment entries, if any, necessary to prepare government-wide financial statements from the city's calendar year 2012 fund-level statements
 
  a. No journal entries are needed
   b. Capital assets - equipment 70,000
   Expenditures - capital outlay 70,000
   Depreciation expense - equipment 11,667
   Accumulated depreciation - equipment 11,667
   c. Capital assets - equipment 60,000
   Expenditures - capital outlay 60,000
   Depreciation expense - equipment 10,000
   Accumulated depreciation - equipment 10,000
   d. Capital assets - equipment 70,000
   Expenditures - capital outlay 70,000
   Depreciation expense - equipment 10,000
   Accumulated depreciation - equipment 10,000

Question 2

Which of the following factors is the most important consideration about the organizations that comprise a reference group for financial analysis purposes?
 
  a. they should have approximately the same administrative structure as the entity studied
  b. they should be located in the same section of the country as the entity studied
  c. they should perform the same functions and be about the same size as the entity studied
  d. they should have approximately the same fiscal year as the entity studied

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Answer to Question 1

d

Answer to Question 2

c