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16-7          Using the information from Problem 16-6, assume the noncash assets are sold for $40,000.  Determine the amount of cash to be distributed to each partner assuming all partners are personally solvent. 16-8The December 31, 2003 balance sheet of the Chan, Dickerson, and Grunther partnership, along with the partners’ residual profit.
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15 – 9 Able and Baker have had a successful partnership, but now Able wants to retire.  Account balances after restating the assets and liabilities for the partnership are below. Tangible assets$150,000 Liabilities   30,000 Able, Capital   50,000 Baker, Capital   70,000 Able and Baker’s residual profit and loss ratio is 40:60 A.Able sells her equity to Cab for.
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ESSAY 1.Describe each of the following items from the management problem structure: a. Strategic planning b. Tactical planning c. Operations planning 2.Describe the three roles that an accountant can play in the AIS? 3.Discuss three of the ten items from the current year’s AICPA Top Ten Technology Initiatives. .
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21.All of the following are components of reliability except: a.validity b.accuracy c.verifiability d.feedback value 22.The minimum threshold for recognition is a.relevance b.materiality c.reliability d.decision usefulness 23.Which of the following is an advantage of using cost as a valuation method over fair market value? a.objectivity b.reliability c.verifiability d.all of the above 24.____ improves the decision maker’s capacity to predict, confirm, or correct earlier expectations a.Understandability b.Predictive value and.
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11.Customer relationship management (CRM) software builds and maintains an organization’s customer-related data. 12.Customer relationship management (CRM) software aggregates, manages, and retains data across the entire organization for the identification, acquisition, and retention of vendors to maximize the benefits of those relationships. 13.If you have made a Web purchase such as with Amazon.com.
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Multiple Choice 1.The highest level of priority of pronouncements that a government entity should look to for accounting and reporting guidance is a.GASB Technical Bulletins. b.GASB Concepts Statements. c.AICPA Industry Accounting Guides. d.GASB Statements. 2.Which of the following funds would account for operations that are financed and operated in a manner similar to private business enterprises? a.Debt.
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11.Software that helps execute steps such as demand planning, acquiring inventory, manufacturing, distribution, and sales is known as a.customer relationship management (CRM) software b.customer self service (CSS) software c.supplier relationship management (SRM) software d.supply chain management (SCM) software 12.Software that manages the interactions with the organization’s that supply the goods and services to an enterprise.
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11.Encumbrances would not appear in which fund? a.General b.Enterprise c.Capital projects d.Special revenue 12.Which type of fund can be either expendable or nonexpendable? a.Debt service b.Enterprise c.Trust d.Special revenues 13.Which of the following funds frequently does not have a fund balance? a.General fund b.Agency fund c.Special revenue fund d.Capital projects fund 14.A city should record depreciation as an expense in its a.general fund and enterprise fund. b.internal.
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19-6 A NNO obtained cash for the acquisition of land and a building as follows: Loan proceeds$1,600,000 Contributions  2,400,000 The land and building are acquired for $4,000,000.  Payment of $400,000 is made on the loan principal, plus interest of $100,000.  Depreciation expense on the building is $200,000. Prepare all appropriate entries on the NNO’s records,.
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Problems 19-1The following events affected the Williamsburg University Loan Fund: 1.$80,000 is received from a donor to establish a student loan fund.  Loans will carry a 5% annual interest rate. 2.The Loan Fund loaned the $80,000 to students.  Five percent of the loans are estimated to be uncollectible. 3.Loans of $20,000 were repaid with.
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19-5 The following information was taken from the accounts and records of the NSP Foundation, a private, not-for-profit organization.  All balances are as of June 30, 2004, unless otherwise noted. Unrestricted Support – Contributions$200,000 Unrestricted Revenues – Investment Income    28,000 Temporarily Restricted Gain on Sale of Investments    13,000 Expenses – Scholarships  300,000 Expenses – Fund Raising   .
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18-2The following activities and transactions are typical of those which may affect the various funds used by a municipal government. Required: Prepare journal entries to record each transaction and identify the Fund or Group of Accounts in which each entry is recorded. 1.The Arma City Council passed a resolution approving a general operating.
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Problems 17-1During 2004, the City of Olathe was involved in the following transactions: 1.A budget consisting of estimated revenues of $900,000 and appropriations for expenditures of $930,000 was approved by the city council. 2.Statements of property tax assessments totaling $660,000 were mailed to property owners.  Experience indicates that 2% of assessed taxes will.
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11.Historically, the accountant has performed a(n) ____________________ function to determine the reliability of financial information presented in printed financial statements. 12.A(n) ____________________ system generally consists of both computerized and manual components that operate to collect, store, and manage data and to provide output information to users. 13.A(n) ____________________ information system is designed.
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11.Which of the following requires the use of the encumbrance system? a.Capital projects fund b.Debt service fund c.General fixed assets group of accounts d.Enterprise fund 12.The following related entries were recorded in sequence in the general fund of a municipality: 1.Encumbrances15,000 Reserve for Encumbrances15,000 2.Reserve for Encumbrances15,000 Encumbrances15,000 3.Expenditures15,350 Vouchers Payable15,350 The sequence of entries indicates that a.an adverse event was foreseen and.
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31.Which of the following is NOT one of the three steps in decision making as described in the text a.action orientation b.intelligence c.design d.choice 32.Regarding management problem structure and information requirements, which of the following represents the vertical information flows from lowest to highest? a.strategic management analysis, tactical management, operations management, operations and business event processing b.operations.
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21.The management process includes marketing and sales. 22.Information that is capable of making a difference in a decision-making situation, by reducing uncertainty or increasing knowledge for that particular decision, has the quality of relevance. 23.Information about a customer’s credit history that is received after the decision to grant additional credit lacks completeness. 24.The.
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16-5A trial balance for the DEF partnership just prior to liquidation is given below: DebitCredit Cash$  50,000 Noncash Assets500,000 Nonpartner Liabilities$160,000 Dixon, Loan50,000 Dixon, Capital150,000 Elston, Capital102,000 Flynn, Capital        88,000     Totals$550,000$550,000 The partners share income and loss on the following basis: Dixon50% Elston30% Flynn20% Required: Prepare an advance cash distribution plan for the partners. 16-6Cathy, Paul, and Andy are partners in a CPA firm sharing.
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MULTIPLE CHOICE 1.Goals of ERP include all of the following except a.improved customer service b.improvements of legacy systems c.increased production d.reduced production time 2.Core applications of an ERP are a.financial accounting b.procurement and logistics c.sales and distribution d.all of the above 3.Which of the following is usually not part of an ERP’s core applications? a.manual legacy systems b.product development c.purchasing d.sales and distribution applications 4.The enterprise.
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18-4          The general fund trial balance for Pierpont City held the following balances at June 30, 2004, just before closing entries were made: Unreserved Fund Balance$ 2,000 Estimated Revenues 30,000 Revenues 27,250 Appropriations 28,000 Expenditures 24,200 Expenditures-Prior Year   1,200 Encumbrances   3,000 Operating Transfers In   5,000 Reserve for Encumbrances   3,000 Reserve for Encumbrances – Prior Year   1,200 Required: Prepare the necessary closing entries. 18-5    .
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16-3Maris, Nolan, and Oslo operate the MNO Partnership.  The partnership agreement provides that the partners share profits in the ratio of 40:40:20, respectively.  Unable to satisfy the firm's debts, the partners decide to liquidate.  Account balances just prior to the start of the liquidation process are as follows:     DebitCredit Cash$ 60,000 Other.
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Multiple Choice 1.Special entities are not-for-profit organizations that are a.government owned. b.privately owned. c.publicly owned. d.either government owned or privately owned. 2.A municipality's capital projects fund is similar to a university's a.renewals and replacements fund. b.retirement of indebtedness fund. c.investment in plant fund. d.none of these. 3.Board designated funds should be accounted for as a.restricted funds. b.specific purpose funds. c.unrestricted funds. d.none of these. 4.For a.
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COMPLETION 1.___________________________________, ____________________, and ______________________________ are the three themes of the textbook. 2.The _________________________ Act of 2002 changed the daily work of financial accountants, auditors, and others. 3.A ____________________ is a set of independent elements that together accomplish specific objectives. 4.The component parts of any system are known as a ____________________. 5.Software packages that can.
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Problems 16-1The NOP Partnership is being liquidated.  A balance sheet prepared prior to liquidation is presented below: Cash$  85,000Liabilities$  55,000 Other Assets95,000Pratt, Loan20,000 Nye, Capital60,000 Ott, Capital20,000     Pratt, Capital    25,000    Total Assets$180,000Total Equities$180,000 Nye, Ott, and Pratt share profits and losses in a 40:40:20 ratio. All partners are personally insolvent. Required: A.Prepare the journal entries necessary to record the.
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11.According to the Sarbanes-Oxley Act of 2002, management must audit and report on auditors’ assertions about the organizations’ systems of internal controls. 12.According to the Sarbanes-Oxley Act’s Section 409, material changes in the organization’s financial condition must be disclosed to the public on a rapid and current basis. 13.The Sarbanes-Oxley Act’s Section.
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21.____________________ concerns the most productive, optimal, or economic use of resources. 22.____________________ is how well the organization actually achieves its goals and objectives. 23.Information that is capable of making a difference in a decision of a user is said to possess the quality of ____________________. 24.Information that is available before it loses its.
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19-3Prepare journal entries for the following transactions or events: 1.The board of trustees of West College voted to designate $160,000 for expansion of the student union and $90,000 for future research projects. 2.In accordance with the requirements of a bond indenture, West College transferred $65,000 of unrestricted funds for the accumulation of.
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MULTIPLE CHOICE 1.The three themes of the text book include all of the following except: a.enterprise systems b.risk assessment c.e-business d.internal control 2.Efficiency and effectiveness of operations are goals of: a.enterprise systems b.risk assessment c.e-business d.internal control 3.A set of interdependent elements that together accomplish specific objectives is a a.system b.subsystem c.database d.accounting information system 4.A system can be further divided into a.input data b.subsystems c.databases d.enterprise systems 5.A system that.
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11.A manmade system that generally consists of an integrated set of computer-based components and manual components established to collect, store, and manage data and to provide output  information to users. a.information system b.output system c.business event system d.master data system 12.The _________________ suggests that technology improves information available for decision making a.AICPA b.Sarbanes-Oxley Act of 2002 c.Occupational Outlook.
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17-3The trial balance for the General Fund of the City of Lenexa as of December 31, 2004 is presented below:     CITY OF LENEXA The General Fund Adjusted Trial Balance December 31, 2004 DebitCredit Cash$216,000 Property Tax Receivable31,000 Estimated Uncollectible Taxes$ 10,000 Due from Trust Fund41,000 Vouchers Payable55,000 Reserve for Encumbrances18,000 Unreserved Fund Balance      205,000 $288,000$288,000 Transactions for the year ended December 31, 2005.
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Multiple Choice 1.Governmental units include all of the following except a.counties. b.school districts. c.industrial development districts. d.voluntary health and welfare organizations. 2.Which type of fund entities are used to account for the activities of nonbusiness organizations that are similar to those of business enterprises? a.Expendable fund entities b.Proprietary fund entities c.Budgetary fund entities d.Restricted fund entities 3.When budgeted expenditures are enacted.
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31.An organization creates a competitive advantage by creating less value for its customers than does its competition. 32.Secondary activities of the value chain include activities directly involved with marketing, producing, selling, and delivering the product or service to the customer. 33.Primary activities of the value chain provide support infrastructure such as procurement,.
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19-4An NNO obtained cash for the acquisition of property and equipment as follows: Loan proceeds$ 75,000 Contributions$300,000 These funds are used to acquire land.  In addition, $10,000 in principal and $1,500 in interest is paid on indebtedness relating to property and equipment.  Depreciation on property and equipment for the year is $60,000. Prepare all.
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21.In an event-driven architecture (EDA) a.each business event is handled individually b.real time processing reduces delays in business processing c.an event notification is sent to the middleware, also known as “publish and send” d.all of the above 22.The general term for software that connects third-party modules to ERP systems is known as a.DreamWeaver b.Middleware c.Microsoft d.NetWeaver 23.An approach to.
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15-7Allen, Bates, and Carson are partners who share income in a 5:3:2 ratio.  Carson, whose capital balance is $60,000, retires from the partnership. Required: Determine the amount paid to Carson under each of the following cases: (1)$20,000 is debited to Allen's capital account; the bonus approach is used. (2)Goodwill of $24,000 is recorded;.
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11.In accounting for loan funds, revenue is recorded when the a.contribution is received. b.loan is made to students. c.loan is repaid by students. d.students graduate. 12.All of the following are a plant fund in colleges and universities except a.unexpended plant fund. b.funds for renewals and replacements. c.investment in plant. d.plant replacement and expansion fund. 13.Most property, plant and equipment.
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16-9 The MDS partnership has decided to liquidate.  At the time, the profit and loss ratios for Murphy, Donnelly and Sullivan were 1:1:3.  The balance sheet is below. Cash $   30,000 Liabilities $   20,000 Other assets    170,000 M, Capital      50,000 D, Capital      70,000 S, Capital      60,000  $200,000  $200,000 A.Using the loss absorption potential system, determine how the partners will share in the.
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17-5    The unadjusted trial balance for the general fund of the City of Clark at June 30, 2004 is as follows: Debits Cash$100,000 Due from agency fund    15,000 Encumbrances    80,000 Estimated revenues  540,000 Expenditures  410,000 Property taxes receivable    75,000 Credits Allowance for uncollectible taxes      5,000 Appropriations  520,000 Unreserved fund balance    20,000 Reserve for encumbrances    40,000 Revenues  560,000 Vouchers payable    75,000 Supplies on hand at June.
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21.Microsoft Dynamics Snap line of tools is an example of an Application Programming Interface. 22.Enterprise application integration (EAI) is an approach to connecting multiple pieces of an enterprise system. 23.Examples of enterprise application integration (EAI) include ERP and CRM. 24.Enterprise Services Bus (ESB) is a type of communications-broker software that uses standardized protocols.
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41.A record is a collection of related data fields pertaining to a particular entity or event. 42.The credit limit within a customer record provides unlimited authorization for customer sales. 43.Segregation of duties includes separating the sales and credit departments. 44.Generally, when processing a customer order, one does not need to know the total.
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18-3Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or account group(s).  Designate the fund or account group in which each entry is recorded. 1.Bond proceeds of $2,400,000 were received to be used in constructing a new City Jail.  An equal amount is contributed from.
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21.It is proper to recognize revenues or expenditures resulting from which of the following classifications of interfund activity? a.Interfund loans and interfund transfers b.Interfund services provided/used and interfund reimbursements c.Interfund reimbursements and interfund loans d.Interfund services provided/used and interfund transfers 22.Revenues of a special revenue fund of a governmental unit should be recognized in.
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TRUE/FALSE 1.One of the primary goals of implementing an ERP system is to standardize systems across multiple locations and multiple divisions. 2.Communicating via separate databases is easier than communicating with an enterprise system. 3.Enterprise systems result in more accurate forecasts resulting in reduced inventory and costs to redistribute inventory. 4.The primary goal of installing.
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18-6 The citizens of Hokah approved a $10,000,000 bond issue on January 1, 2005.  Proceeds were to be used in the construction of a new city hall, municipal building and jail.  Other approved financing sources were $5,000,000 from a federal grant and $1,500,000 from the Hokah City general fund.  The revenue.
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Multiple Choice 1.Which of the following statements is correct? 1.Personal creditors have first claim on partnership assets. 2.Partnership creditors have first claim on partnership assets. 3.Partnership creditors have first claim on personal assets. a.1 b.2 c.3 d.Both 2 and 3 2.The first step in the liquidation process is to a.convert noncash assets into cash. b.pay partnership creditors c.compute any net income (loss).
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41.Which of the following statements is false? a.Strategic planning is relatively unstructured. b.Strategic planning uses much information from outside the firm. c.Lower level management must convert strategic plans into plans directed at each operational unit. d.One of the goals of strategic planning is for individuals and operational units to work toward their own desired.
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Problems 18-1During 2004, the City of Iola started a street paving project. The project is being financed by the proceeds from the issue of five-year, 6% special assessment bonds payable at a face value of $1,500,000.  The bonds were issued July 1, 2004 at their par value.  One-fifth of the principal.
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11.In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the: a.partners' profit and loss sharing ratio. b.balances of the partners' capital accounts. c.ratio of the capital contributions by the partners. d.ratio of capital contributions less withdrawals by the partners. 12.In an advance plan for installment distributions of.
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TRUE/FALSE 1.The three themes of the text are operating systems, e-business, and internal control. 2.In an assurance service the accountant will provide the original information used for decision making. 3.Financial care for the elderly has been identified by the AICPA as a potential assurance service. 4.Mobile and remote computing was identified as one of.
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18-4          The following schedule of capital assets was prepared for Day County. Government Activities     Beg. Balance   Additions  RetirementsEnding Balance Total Capital Assets$850,000 200,000(150,000)  $900,000 Less:  Accumulated( 400,000) ( 40,000) 120,000  ( 320,000) Depreciation                                         Net Capital Assets$450,000            $160,000( 30,000)  $580,000 All capital asset acquisitions were made in the capital projects fund and paid in cash. .
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