Dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; dr. cash over and short, $8; cr. petty cash, $268. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; cr. cash over and short, $8; cr. petty cash, $252. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; cr. cash over and short, $8; cr. cash, $252. dr. office supplies, $80; dr. merchandise inventory, $160; dr. miscellaneous expenses, $20; dr. cash over and short, $8; cr. cash, $268.

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.

Ursus, inc., is considering a project that would have a five-year life and would require a $1,650,000 investment in equipment. at the end of five years, the project would terminate and the equipment would have no salvage value. the project would provide net operating income each year as follows (ignore income taxes.):

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.