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- How should sinking fund earnings be reported on the corporation income statement?Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.
- Which of the following accounts are used as income statement-like accounts in investment trust funds, private purpose trust funds, and custodial funds? Assets and liabilities Revenues and expenses Additions and deductions Transfers in and out None of theseExplain how earnings per share should be computed and how the information should be disclosed in the corporation's financial statements.It is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?
- Identify which of the following items are not included as part of general-purpose financial statements butare part of financial reporting. Shareholders’ meetingsHow were UBI's shareholders' funds and capital sensitive to various regulatory norms?Which of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authorities
- Describe the components of shareholders’ equity and explain how they are reported in a statement of shareholders’ equity.Describe the Enterprise Fund's disclosure requirements. Describe how the inclusion of this information benefits the end consumer of financial statements.Explain the usefulness of Financial statement information to the following stakeholders: Financial Analysts Employee Debtors Government Agency