Please help with questions:

The currency of the primary economic environment in which the entity generates and expends cash is called the:

A. Home currency

B. Exchanged currency

C. Foreign currency

D. Functional currency

Company D, 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 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.30, 5/31 1 = $1.40, and 6/10 1 = $1.45. Based on this information, what was the amount booked to sales by Company D on 5/10?

A. 250,000

B. $362,500

C. $325,000

D. $250,000

Company D, 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 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.30, 5/31 1 = $1.40, and 6/10 1 = $1.45. Based on this information, how much cash will be received by Company D on 6/10?

A. $350,000

B. $250,000

C. $325,000

D. $362,500

Company D, 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 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.30, 5/31 1 = $1.40, and 6/10 1 = $1.45. Based on this information, how much would accounts receivable need to be revalued by on 6/10?

A. $25,000 increase

B. $0

C. $25,000 decrease

D. $12,500 increase

Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. On Company F's financials at the end of the year 2015, they reported 300,000 in cost of goods sold. If the spot rate on 1/1/15 was 1 = $1.10, the spot rate on 12/31/15 was 1 $1.25, and the weighted average rate for the full year 2015 was 1 = $1.20, how much is the translated balance of cost of goods sold in U.S. $ at year-end?

A. $360,000

B. $336,000

C. $330,000

D. $300,000

Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. On Company F's financials at the end of the year 2015, they reported 150,000 in net income. If the spot rate on 1/1/15 was 1 = $1.10, the spot rate on 12/31/15 was 1 $1.20, and the weighted average rate for the full year 2015 was 1 = $1.12, how much will be added to translated retained earnings when the books are closed for the year?

A. $168,000

B. $180,000

C. $150,000

D. None of the above. Not enough information to answer the question.

Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. The total U.S. $ Translated balances of total assets per the trial balance at year-end but prior to closing entries is $1,100,000, liabilities is $400,000, equity is $125,000, and net income adds up to $175,000. The amount to be entered into Accumulated Translation Adjustment will be:

A. $400,000 credit

B. $225,000 credit

C. $575,000 credit

D. $1,025,000 debit

The type of government financial statement that consolidates all operations on a full accrual basis are the:

A. Fund financial statements

B. Profit and Loss Statement

C. Statement of Retained Earnings

D. Government-wide statements

Which of the following is not a fund type used in governmental accounting:

A. Governmental funds

B. Capital asset funds

C. Fiduciary funds

D. Proprietary funds

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

A. Capital projects fund

B. Special revenue fund

C. Fiduciary fund

D. Proprietary fund

An intergovernmental transfer of funds is recorded as ____________ if received prior to time period of use or collection will not generate resources available for use in current year.

A. cash

B. a receivable

C. a debt obligation

D. a deferred revenue

A type of governmental fund used to account for nonexpendable trusts where the earnings, but not the principal, are used to support government activities and programs is a:

A. Permanent fund

B. Trust fund

C. Special purpose fund

D. Unreserved designated fund

A type of governmental used to account for operations financed and or operated like a business is a(an):

A. Debt service fund

B. Fiduciary fund

C. Permanent fund

D. Enterprise fund

Frodo, Sam, and Merry form a partnership where each partner will have an equal share to start. Frodo contributes $100,000 in equipment, Sam contributes $170,000 cash, and Merry contributes $15,000 in cash and $15,000 in equipment. Immediately after formation, Sam's capital account would reflect a balance of:

A. $100,000 credit

B. $50,000 debit

C. $50,000 credit

D. $20,000 debit

Frodo, Sam, and Merry's partnership calls for the following allocation of income: Frodo and Merry are to receive lump sum salary payments of $10,000 each, Sam and Merry are to receive interest of 10% of their ending capital balances, if there's a profit Frodo is to receive a bonus equal to 20% of the profit, and any remaining income is to be split between Frodo, Sam, and Merry 50%, 20%, and 30% respectively. Frodo, Sam, and Merry's ending capital balances were $50,000, $300,000, and $100,000 respectively. If there was a partnership net profit of $200,000, how much was allocated to Merry in total?

A. $100,000

B. $20,000

C. $40,000

D. $50,000

Frodo, Sam, and Merry's are in a partnership together and each have capital balances of $100,000. A new partner, Pippen, pays Merry $125,000 directly for 100% of his interest in the new partnership, replacing him in the partnership. The journal entry on the books of the partnership to account for this transaction would be:

A. Debit Cash $125,000; Credit Capital-Pippen $125,000

B. No entry is made on the partnership's books as the transaction was made directly between Merry and Pippen

C. Debit Capital-Merry $100,000; Credit Capital-Pippen $100,000

D. Debit Capital-Merry $100,000, Debit Cash $25,000; Credit Capital-Pippen $125,000

Frodo, Sam, Merry, and Pippen are in a partnership together and each have capital balances of $100,000. A new partner, Bilbo, pays each partner $50,000 directly for a 1/5 interest in the new partnership. The journal entry on the books of the partnership to account for this transaction would be:

A. Debit each of the existing partner's capital accounts $20,000 each; Credit Capital-Bilbo $80,000

B. No entry is made on the partnership's books as the transaction was made directly between the partners

C. Debit Cash $200,000; Credit Capital-Bilbo $200,000

D. Debit Cash $200,000; Credit Capital-Bilbo $80,000, Gain on New Partner $120,000

Frodo, Sam, Merry, and Pippen are in a partnership together and have a combined capital balance of $700,000. A new partner, Bilbo, pays the partnership $300,000 directly for a 1/5 interest in the new partnership. The partnership chooses the bonus method to existing partners to account for this transaction and will allocate any bonus evenly amongst the existing partners. The journal entry on the books of the partnership to account for this transaction would be:

A. Debit Cash $300,000; Credit Capital-Bilbo $200,000, Credit each of the existing partner's capital accounts $25,000 each

B. Debit each of the existing partner's capital accounts $75,000 each; Credit Capital-Bilbo $300,000

C. Debit Cash $300,000; Credit Capital-Bilbo $300,000

D. Debit each of the existing partner's capital accounts $50,000 each; Credit Capital-Bilbo $200,000