16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board? A. Chair of the Federal Accounting Standards Advisory Board. B. Secretary of the Interior. C. Comptroller General. D. All of the above. Content: Concept Level: Easy Wilson - Chapter 12 #16 17. FASAB has identified four major
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¨Never say never‚ because limits‚ like fears‚ are often just an illusion.(Michael Jordan)¨ At this point of Morrieś life he shows that he understands that people have to worry less and live more life because life is not an illusion. These are some of the topics that Morrie talks about in the book Tuesdays with Morrie. Morrie teaches people to live life by talking about emotions the fear of aging and Money. One of the first lessons that Morrie talked about was emotions. Morrie says that If people
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Zealand because they know that New Zealand infrastructure is pleasing and natural. New Zealand is an open economy and it is cost-effectively workable and attractive for large budget international productions. Firstly‚ it is important to know that what kind of advantage to New Zealand with the Hobbit movie. New Zealand has a both advantages comparative and absolute. Comparative advantage means “A situation in which a country‚ individual‚ company or region can produce a good at a lower opportunity
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Costs assigned to the building of a house should appear on the income statement when Answer a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed. The basic document for keeping track of costs in a job order costing system is a Answer a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form. The following information is available at the
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Art is a creation done by an individual or a group of people. Art can be a sketch‚ a drawing or a design. Some people think that art is useless‚ but for me‚ it’s useful and very important. This essay will explain why i say art is not useless. Art can be a hobby to any people of any people of any age above two. Art is learnt in schools --in kindergarten‚ in primary and secondary school‚ and even in the university. Art is very suitable for people to cure boredom. Children at the age of two to five
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FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
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define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social sciences‚ accounting is largely
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estimate the lose in value of the equipment‚ the accountant should use the concept of depreciation. The monetary concept is a concept that money would be only measured and record in a business transaction. CITATION woo12 \l 17417 (Wood & Sangster‚ 2012) For example‚ a company owns 10‚000 pounds of products to sell and $100‚000 worth of cash in bank; if these amounts added together‚ it won ’t generate the correct total amount of what the business actually owned. Yet‚ by using monetary concept‚
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local market area residents. The Company EB is incorporated in Eldoret Town‚ its postal address being The mobile number being It is owned and managed by its owner-Eric Kipchoror Kiplagat. Mr.Eric Kipchoror Kiplagat has extensive experience in accounting‚ sales‚ marketing‚ and management and is the Sales Executive of Sergoit Golf & Wildlife. The company intends to hire two full-time pastry bakers and six waitresses to handle customer service and day to day operations. Products and Services
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separate but similar set of rules and principles govern state and local government reporting‚ as determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements referred to as Financial Accounting Standards (FASs)‚ which are periodically published in industry bulletins. There are more than 100 FASs that have been issued over the years. They are supplemented by formal opinions and generally accepted assumptions in a particular sub-segment
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