Drye Township has received a donation of a rare painting worth $1,000,000. For drye's government-wide financial statements, three criteria must be met before drye can opt not to recognize the painting as an asset. Which of the following is not one of the three criteria?(1.) The painting is held for public exhibition, education, or research in furtherance of public service, rather than financial gain.(2.) The painting is scheduled to be sold immediately at auction.(3.) The painting is protected, kept unencumbered, cared for, and preserved. A) Item 1 is not one of the three criteria. B) Item 2 is not one of the three criteria. C) Item 3 is not one of the three criteria. D) All three items are required criteria.(E) None of the above

Select the correct answer. joshua runs a large manufacturing business that is listed on the stock exchange. his company made good profits in the previous financial year. he now plans to reward his shareholders with handsome dividends. under which category of activities in the cash flow statement would the company’s accountants place this outflow of cash? a. investing activities b. operating activities c. financing activities d. non-operating activities

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u.s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.

Acoase solution to a problem of externality ensures that a socially efficient outcome is to