A type of governmental fund that accounts for resources for which the governmental units acts of trustee or agent is a:

Question 16 options:

a)	Proprietary fund

b)	Permanent fund

c)	Fiduciary fund

d)	Special revenue fund

Question 17 (4 points)

Convergence initiatives of the FASB include all of the following except:

Question 17 options:

a)	Joint projects with the IASB

b)	IASB member in residence at the FASB

c)	Rewriting all of GAAP to align with IFRS

d)	FASB monitoring IASB projects

Question 18 (4 points)

Bart Co., a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was 200,000, and the cost of the goods was $80,000. The receivable is payable in full on 6/10, and Bart Co. prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.25, 5/31 1 = $1.30, and 6/10 1 = $1.35. Based on this information, what was the amount booked to cost of goods sold by Bart Co. on 5/10?

Question 18 options:

a)

80,000

b)

$80,000

c)

$100,000

d)

$200,000

Question 19 (4 points)

Lydia, James, and Doby form a partnership where each partner will have an equal share to start. Lydia contributes $60,000 in cash, James contributes $60,000 in equipment, and Doby contributes $20,000 in cash and bring to the table expertise that the partners agree is worth $40,000, and choose to account for the value of this expertise using the goodwill method. Immediately after formation, Dobys capital account would reflect a balance of:

Question 19 options:

a)	$45,000 credit

b)	$20,000 credit

c)	$20,000 debit

d)	$60,000 credit

Question 20 (4 points)

The standards issued by the International Accounting Standards Board are known as:

Question 20 options:

a)

IASBs

b)	Global Accounting Standards

c)	International Financial Reporting Standards

d)	General Accepted Accounting Principles