University to avoid accounting recognition

Assignment Help Accounting Basics
Reference no: EM13132428

Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?

A. The assets are held for public exhibition, education, or research in furtherance of public service rather than financial gain.

B. The assets are protected, kept unencumbered, cared for, and preserved.

C. The assets are subject to an organizational policy that ensures the proceeds of sales of collectible assets are used for operations of the organization.

D. None of above; all three items are conditions that will avoid accounting recognition.

Reference no: EM13132428

Questions Cloud

Describe why cis dichloroethene has a boiling point : Explain why cis dichloroethene has a boiling point of 60 degrees C while trans - dichloroethen has a boiling point of 48 degrees C.
Determining partially ordered sets : A set A is call a partially-ordered set if there is a relation R on A such that R is reflexive and transitive. If A is any set, prove that the power set P(A) is a partially ordered set under the relation "is a subset of".
Complete set of financial statements : Which of the following is required as part of a complete set of financial statements for a private college or university?
Transposing equations and solving by substitution : The equation for the mid-span deflection of a simply supported beam carring a uniformly distributed load can be determined from. Taking care with units, use this transposed equation to find the maximum length of beam that can be used if the midspan..
University to avoid accounting recognition : Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
How to naming incorrect compounds : Each of the following names is an incorrect IUPAC name. Indicate, if possible, the correct name of the compound. can you please explain why these names are not right
Revenues and gains in the statement of activities : Which of the following items would not be reported in the section on revenues and gains in the statement of activities of a private college or university?
Irreducible representation proofs : Assume that the field is algebraically closed and has zero characteristic, G is finite and representations are finite-dimensional.
What is the main structural feature of the azo dyes : What is the main structural feature of the azo dyes that causes them to be colored compounds? Methyl Orange is an acid-base indicator. In dilute solution at pH greater than 4.4, it is yellow.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the net present value using total-cost approach

If the company keeps and overhauls its present generator, then the generator will be usable for eight more years. If a new generator is purchased, it will be used for eight years, after which it will be replaced.

  Balance sheet total for retained earnings

A for-profit nursing home has beginning-of-period retained earnings of $40,000. Net income for the period totals $75,000 and dividends declared during the period total $15,000. The balance sheet total for retained earnings will be what amount?

  Compute the inventory by the conventional retail

The records of Mandy's Boutique report the following data for the month of April.

  Determine daniel income tax liability

Daniel is a calendar-year taxpayer whose wife died in August of 2011. His eight year old son lives with him. During 2011, Daniel had salary income of $67,000, $1600 of qualified dividend income, and received $50,000 from the life insurance policy ..

  Computing accounting and economic profits

Jane decided to resign from her current job, at which she earned $58,000 each year. She started her own business by using her $100,000 savings on which she was earning 5 % interest. In first year, her revenue was $150,000 and her costs were as fol..

  Information of selling price of bonds

The $1,000 face value bonds issued by the Springfield Fabrication Corporation are perceived by investors as being less attractive than other bonds sold by other businesses ate the same time.

  Accounting depreciation

Calculate Alexandra's maximum depreciation deduction for 2011 for the computer, assuming she doesn't make the election to expense or take bonus depreciation.

  Is there a reason a firm choose one method over another

Non-Controlling interest in a selling subsidiary affects only the allocation of the eliminated unrealized gain or loss and not the amount eliminated?

  Funds for payments of principal over the life

How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?

  Traits refers to high levels of effort

Which one of the following traits refers to high levels of effort and is characterized by achievement, motivation, ambition, energy, tenacity, and initiative?

  Interest payable semiannually problem

Winrow Co. purchased 50, 6% Johnston Company bonds for $50,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include:

  Qualitative-quantitative limitations of financial statements

Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd