Restricted fund balance in the General Fund can be the result of
A. A city budget director setting aside funds to be spent for city street improvement.
B. Donors requiring monies given to a city where the donation must remain intact but the earnings can be spent for park beautification.
C. A city council passing enabling legislation that requires proceeds from a newly authorized sales tax be spent on a downtown revitalization project.
D. A city council taking a formal action to set aside money for a future contract.
C
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You have complete information about a company's balance sheet liabilities: Owners' equity $150 million and Debt $50 million. On the other hand. all you know about its assets is $20 million cash. What is the company's leverage ratio?
a) 0.333 b) 1.333 c) 0.133 d) 1.200 e) 1.467
When an auditor believes that analytical procedures indicate a reasonable possibility of misstatement, the auditor usually would
A) Perform additional tests of controls Decide to modify tests of details of balances Yes Yes B) Perform additional tests of controls Decide to modify tests of details of balances No No C) Perform additional tests of controls Decide to modify tests of details of balances Yes No D) Perform additional tests of controls Decide to modify tests of details of balances No Yes