What is fund accounting - Study guides, Class notes & Summaries

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

Michigan Variable Annuities Exam fully solved graded A+ 2023/2024 guaranteed a+ 1. What is a variable annuity? o A) A fixed income investment o B) An investment product that offers variable returns based on the performance of underlying assets o C) A guaranteed return product o D) A type of life insurance Answer: B) An investment product that offers variable returns based on the performance of underlying assets Rationale: Variable annuities allow policyholders to invest in various ...

ACHE FINANCE TEST QUESTIONS WITH REVISED AND UPDATED ANSWERS What is fund accounting - Answer-Fund accounting is a record-keeping method to manage categories of net assets to ensure compliance with the restrictions on those funds. Allows NFP/govt agencies have separate entities for specified activities such as operating/general/specific purpose/plant replacement/endowment. each fund self balances such that assets equal liability added to net fund balance Does operating revenue on a statemen...

Statement of Cash Flows - Answer- Shows the change in cash balance for a period of time. Focuses only on items where cash is received, or cash is paid. Cash Flow from Operating Activities (CFO) - Answer- Cash flow that a company generates as a result of day-to-day business operations. Deals with Current Assets and Current Liabilities. Cash Flow from Investing Activities (CFI) - Answer- Cash flow that is generated from investments in long term assets. Cash Flow from Financing Activities ...

Chapter 1 - 5 Payroll Accounting Exam Questions With Correct Answers Geographic dispersion Multiple departments Increased task variation. - answerSelect All that Apply: Which of the following are payroll-related issues that large companies may experience? According to FMLA, during the time that an employee is on family leave: - answerThe employer is responsible for alerting the employee to changes in processes and benefits. The Age Discrimination in Employment Act prohibits - answerdiscrim...

Management Analyst Exam Prep 90 Questions with Verified Answers Different authorities have conflicting views regarding delegation. However, there seems to be a general agreement that if chief executive A delegates a task to subordinate executive B, Executive B cannot in-turn delegate to junior executive C A. Within organizational policy, to prescribe the methods to be used in performing the task. B. Responsiblity for direct supervision of the task to be performed. C. The duty to insure t...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

What are the main services offered by financial institutions? A. Soliciting charitable donations and then managing the distribution of these funds B. Accepting a wide variety of deposits, offering investment products, providing loans, and brokering financial transactions C. Deciding which assets to invest in to create wealth in the future D. Evaluating sources of funding for a business project, the capital structure of a firm, or actions managers could take to increase the value of the fir...

Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company's financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: Balance sheet–Usefulness-Limits-Elements Blooms: Remember AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement 2. A company’s market value is generally less than its book value. Answer: False Level of Learning: 1 Easy Learning...

Complete Solutions Manual for Government and Not-for-Profit Accounting: Concepts and Practices, 9th Edition 9e by Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese. ISBN-13: 3898 1 The Government and Not- for- Profit Environment 1 How Do Governments and Not- For- Profits Compare With Businesses? 2 In Practice: Why Is State And Local Government Accounting Important? 6 What Other Characteristics of Governments and Not- For- Profits Have Accounting Implications? 9 How Do Governments Compare...