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3 Cards in this Set

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Visit www.hwgala.com
ACC 410 Week 8 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-8-Quiz-Strayer-286.htm Quiz6 Chapter 10 and 11 Chapter10 Permanent Funds and FiduciaryFunds TRUE/FALSE (CHAPTER 10) 1. Per GASB Statement No. 34, permanent fundsare classified as fiduciary funds. 2. In accounting for permanent funds only theincome can be spent; the principal must be preserved intact. 3. Fiduciary funds focus on current financialresources and use a full accrual basis of accounting. 4. Fiduciary funds are excluded from thegovernment-wide statements. 5. The concept of major versus nonmajor fundsdoes not apply to fiduciary funds, as it does to governmental and proprietaryfunds. 6. Accounting for the employer’s contributionin a defined contribution plan is straight forward, because the employer isobligated only to make annual contributions in the amount specified in the planterms. 7. Accounting for the employer’s contributionin a defined benefit plan is straight forward, because the employer is obligated only to make annual contributions inthe amount specified in the plan terms. �.
Visit www.hwgala.com
ACC 410 Week 8 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-8-Quiz-Strayer-286.htm Quiz6 Chapter 10 and 11 Chapter10 Permanent Funds and FiduciaryFunds TRUE/FALSE (CHAPTER 10) 1. Per GASB Statement No. 34, permanent fundsare classified as fiduciary funds. 2. In accounting for permanent funds only theincome can be spent; the principal must be preserved intact. 3. Fiduciary funds focus on current financialresources and use a full accrual basis of accounting. 4. Fiduciary funds are excluded from thegovernment-wide statements. 5. The concept of major versus nonmajor fundsdoes not apply to fiduciary funds, as it does to governmental and proprietaryfunds. 6. Accounting for the employer’s contributionin a defined contribution plan is straight forward, because the employer isobligated only to make annual contributions in the amount specified in the planterms. 7. Accounting for the employer’s contributionin a defined benefit plan is straight forward, because the employer is obligated only to make annual contributions inthe amount specified in the plan terms. �.
Visit www.hwgala.com
ACC 410 Week 8 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-8-Quiz-Strayer-286.htm Quiz6 Chapter 10 and 11 Chapter10 Permanent Funds and FiduciaryFunds TRUE/FALSE (CHAPTER 10) 1. Per GASB Statement No. 34, permanent fundsare classified as fiduciary funds. 2. In accounting for permanent funds only theincome can be spent; the principal must be preserved intact. 3. Fiduciary funds focus on current financialresources and use a full accrual basis of accounting. 4. Fiduciary funds are excluded from thegovernment-wide statements. 5. The concept of major versus nonmajor fundsdoes not apply to fiduciary funds, as it does to governmental and proprietaryfunds. 6. Accounting for the employer’s contributionin a defined contribution plan is straight forward, because the employer isobligated only to make annual contributions in the amount specified in the planterms. 7. Accounting for the employer’s contributionin a defined benefit plan is straight forward, because the employer is obligated only to make annual contributions inthe amount specified in the plan terms. �.