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Which of the following statements regarding Management's Discussion and Analysis is true?

Multiple Choice

A) MD&A is required only for Proprietary Fund Financial Statements.

B) MD&A is reported in the statistical section of the annual report.

C) MD&A is required for comprehensive annual financial reports.

D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources.

E) MD&A is an optional inclusion for state and local government financia

Question 3 (0.5 points) Chastain Company assigned $75,000 of direct materials and $15,000 of indirect materials to production. The journal entry to record this transaction is O debit Work in Process Inventory $15,000; debit Manufacturing Overhead $75,000; credit Raw Materials Inventory $90,000 O debit Raw Materials Inventory $90,000; credit Work in Process Inventory $75,000; credit Manufacturing Overhead $15,000 O debit Work in Process Inventory $75,000; debit Manufacturing Overhead $15,000; credit Raw Materials Inventory $90,000 O debit Raw Materials Inventory $90,000; credit Work in Process Inventory $15,000; credit Manufacturing Overhead $75,000Turner calculated his price of $225,000 as follows: Raw material $ 78,750 Direct labor 33,750 Factory overhead 36,000 Delivery expenses 6,750 Administrative overhead 22.500 Total costs $177,750 Desired profit margin 47.250 Dollar price $225,000 Times exchange rate 2.50 Deutschemark price DM 562,500 Exhibit 2 Culver Radio, Inc., Balance Sheet, December 31, 1982, and December 31, 1981 (unaudited) Assets Current Assets Cash 69.402 170,987 Accounts receivable 99.906 104.374 Advances to employees 5.302 Due from officers 5.540 Inventory Prepaid taxes 438,402 361,327 Total Current Assets 1.300 Fixed Assets 14318 642,228 Net fixed assets Accumulated depreciation S Net Fixed Assets 144.998 121.773 Other Assets deposits 81.579 57,089 Total Assets 63.419 64.642 11.639 15.361 773.231 Liabilities and Stockholders Equity Current Liabilities Accounts payable 175.686 120,798 Note payable automobile 1,876 6,090 Accrued expenses Accrued payroll and commissions 132,717 129,476 Payroll taxes payable 16.524 7.094 Sales taxes payable 4.794 2.260 Customers deposits 713 3,019 Income taxes due 55,839 Total Current Liabilities 6.250 Stockholders' Equity 332.310 331.426 Capital stock-par value $10/share Authorized 701000 shares Issued & outstanding 16,600 shares Retained earnings S 165,000 166,000 INTLI NAME, CARDRAINN'X 3Text Shape Media Comment Collabora 31) A petty cash fund was established with a $600 balance. It currently has cash of $25 and petty cash tickets as shown below: Travel expense $130 Office supplies $305 Equipment rental expense $85 Which of the following would be included in the journal entry to replenish the Petty Cash account? A) Debit Cash Short & Over for $55 B) Credit Petty Cash $55 C) Debit Petty Cash $55 D) Credit Cash Short & Over for $55 32) Under the net method of handling credit and debit card payments, A) the net amount of the sale is credited to the Sales Revenue account on the date of sale. B) the credit to the Sales Revenue account is the selling price less the transaction fee. C) the business writes a check to the credit and debit card processor for the processing fee. D) the processing fee is debited to the Credit Card Expense account on the date of sale. 33) Under the gross method, when the credit card processor deposits the cash proceeds from credit and debit card sales in the bank account of the business A) there will be no fee charged for the transaction. B) the business will credit cash for the gross amount of the sale. C) the total sales plus the processing fee assessed equals the net amount of cash deposited. D) the processing fees are deducted from the company's bank account by the processor. 34) A customer's note receivable for $2,100 is collected by the bank. The journal entry prepared from the bank reconciliation would A) debit cash, credit interest receivable B) debit cash, credit notes receivable C) debit accounts receivable, credit cash D) debit notes receivable, credit cash 35) A company wrote check #506 for $1,200 and check #510 for $900. Neither of the checks were shown on the monthly bank statement. How can this be accounted for in the bank reconciliation and the journal? A) an addition to the book side; a journal entry is recorded B) an addition the bank side; a journal entry is recorded C) a subtraction from the book side; a journal entry is not recorded D) a subtraction from the bank side; a journal entry is not recorded23 Which of the following is true of an accounts receivable subsidiary ledger? In the general ledger. A) The total of the accounts in the accounts receivable subsidiary ledger must equal the accounts receivable balance subsidiary ledger. B) Companies keep an accounts payable subsidiary ledger that is entirely different than the accounts receivable C It does not include a receivable account for each customer, but includes a cumulative account for all customers. D) It contains information about the amount each customer purchased on credit, but excludes the customer name. 24) Which of the following is true of an accounts payable subsidiary ledger? A) It does not indicate the amount owed to each vendor. B) Its format is entirely different from an accounts receivable subsidiary lodger. C) It shows only a single total for the amount owed on account. them. D) It lists vendors in alphabetical order, along with amounts paid to the vendors and the remaining amounts owed to 25) A check was written by a business for $507, but was recorded in the cash payments journal as $705. How would this error be included on the bank reconciliation A) a deduction on the book side By an addition on the book side C) a deduction on the bank side Dj an addition on the bank side 26) A company has a petty cash fund amount of 5300, When replenished, it has petty cash receipts of $30 for gas expense, $32 for postage expense, $16 for supplies expense and $10 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited with: A) $72 B) 498 D) $78 27) A petty cash fund was established with a $600 balance. It currently has cash of 525 and petty cash tickets as shown below. Travel expense $13 Office supplies 530 Equipment rental expense Which of the following would be included in the journal entry to replenish the Petty Cash account? A) Debit Cash Short & Over for $55 B) Credit Petty Cash $55 C) Debit Petty Cash $55 D) Credit Cash Short & Over for $55 28) Under the net method of handling credit and debit card payments, A) the net amount of the sale is credited to the Sales Revenue account on the date of sale. B) the credit to the Sales Revenue account is the selling price less the transaction fee. C) the business writes a check to the credit and debit card processor for the processing fee. Dj the processing fee is debited to the Credit Card Expense account on the date of sale. 29) Under the gross method, when the credit card processor deposits the cash proceeds from credit and debit card sales in the bank account of the business A) there will be no fee charged for the transaction. B) the business will credit cash for the gross amount of the sale. C) the total sales plus the processing fee assessed equals the net amount of cash deposited. D) the processing fees are deducted from the company's bank account by the processor. 30) The entity that signs the promissory note and promises to pay the required amount is the A) holder of the note. B) maker of the note. () banker of the note. D) payee of the note.In the logical design below describe (entities and relationship cardinalities), - relationship(s) between customer and debit card & credit card - relationship(s) between merchant and debit card & credit card CUSTOMER CustomerID CustName CustAddress CARD ACCOUNT AccountID ExpDate CardType CustomerID DEBIT CARD CREDIT CARD DAccountID Bank No CAcconmin CurrBal CHARGES MerchID CAccountID Charge Date Charge Time Amount MERCHANT MerchID MerchAddr