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How should entity a account for the repair cost

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Problem 1: Entity A spends ?20,000 on the repair of one of its equipment. It is not clear whether the repair is a major repair or a minor repair. In accordance with the GAM for NGAs, how should Entity A account for the repair cost?

a. As an addition

b. All the choices

c. As a major repair

d. As a minor repair

Problem 2: Which one of the following is not a required financial statement for a private voluntary health and welfare organization?

a. Statement of Cash Flows

b. Statement of Activities and Changes in Net Assets

c. Statement of Financial Position

d. Statement of Fund Balance

e. Statement of Functional Expense

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Reference no: EM132744972

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