Solution-How should entity a account for the repair cost

How should entity a account for the repair cost

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Reference no: EM132787774

Problem 1: The operator in a service concession arrangement is a

a. private entity

b. jeepney

c. government entity

d. separate entity

Problem 2: 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 3: 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

Reference no: EM132787774

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How should entity a account for the repair cost

Reference no: EM132787774

Reference no: EM132787774

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