A Company Wants to Prepare a Schedule of Assets That

question 52

Multiple Choice

A company wants to prepare a schedule of assets that separates current and long-term assets, as well as reports relevant dollar amounts.Which type of AIS could the company use to prepare such a schedule?

• A)View-driven
• B)Event-driven
• C)Either view-driven or event-driven
• D)Neither view-driven nor event-driven

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Definitions:

Debt Service Funds

Governmental funds used to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.

Restricted

Refers to funds or assets that are earmarked for specific purposes and cannot be used for general expenditures.

Nonspendable

Funds not available for spending because they are legally or contractually required to remain intact.

Committed

In finance, "committed" refers to a pledge or firm agreement to execute a financial transaction or investment.