Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 12, Problem 16.11EP
To determine
Find the cost that is unallowable under OMB cost principles.
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An expiration of cost which is incurred without compensation or return and is not absorbed as cost of revenue is called
Deferred charge
Indirect cost
Deferred credit
Loss
Which of the following costs is a nonlease component for the lessee?
taxes
maintenance
insurance
Which of the following is considered a fixed cost?
a) rent expense
b) marketing costs record expenses
c) when they occur and not when they are paid , as well as income when its earned
d) workers compensation insurance
Chapter 12 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- A cost that has been incurred in the past, cannot be recouped, and is not relevant to future decisions is termed a a. period cost b. replacement cost c. sunk cost d. differential costarrow_forwardProduct costs are deducted from revenuea. As expenditures are madeb. When product is completedc. As goods are sold.d. To minimize taxable income.arrow_forwardWhich of the following costs is a nonlease component for the lessee? Group of answer choices taxes maintenance insurance all of the abovearrow_forward
- Which among the following does not hold good for Historical cost accounting? a. Historical cost is relevant for making economic decisions b. Sufficient provision for depreciation is made in historical cost accounting c. Historical cost accounting survives test of time. d. Historical cost is less subject to manipulation.arrow_forwardExplain two reasons why uncontrollable costs are included in the income statementarrow_forwardWhat is the difference between historical cost accounting and fair value accounting?arrow_forward
- TRUE OR FALSE The main difference between thefunction and the nature of expense methods is thesegregation of operating and non-operating itemsunder the function of expense method.arrow_forwardWhat are the differences in the accounting forinventoriable versus period costs?arrow_forwardThe possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax ExpenseInsurance ExpenseInterest ExpenseSupplies ExpenseWage Expensearrow_forward
- What type of cost is included in economic costs, but not included in accounting costs?a. Explicit costsb. Negative costsc. Normal profitd. Marginal coste. Unit costsarrow_forwardWhy put the normal loss costing into the true loss account for abnormal loss?arrow_forwardPrepare the abnormal loss/gain statement, clearly showing the amount transferred to the costing profit and loss account.arrow_forward
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