Use the Following Information to Answer Question(s) Below

question 15

Multiple Choice

Use the following information to answer question(s) below.

On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below:

-What is the amount of total assets?

• A)$1,380,000
• B)$1,402,000
• C)$1,470,000
• D)$1,875,000

Recognize the conditions under which revenues and expenditures are recognized in governmental accounting.

Distinguish between the different classifications of fund balances in governmental funds.

Understand the distinction between governmental and business-type activities in financial reporting.

Gain knowledge of the process and importance of preparing closing entries and their impact on temporary accounts.

---

Definitions:

Serial-position Effect

A cognitive phenomenon where people tend to remember the first and last items in a series best, and the middle items worst.

Retrospective Memory

Memory for past events, activities, and learning experiences, as shown by explicit (episodic and semantic) and implicit memories.

Repetition

The act of doing or saying something over and over again to retain or improve the skill or memory.

Eidetic Imagery

The maintenance of detailed visual memories over several minutes.