Reference no: EM132787773
Problem 1: Vista, a voluntary health and welfare organization, received a donation of P100,000 to be spent in accordance with the wishes of the institution's Board of Trustees. This donation should be reported on the statement of activities as:
a. Unrestricted revenue.
b. Temporarily restricted revenue
c. Other income - gifts.
d. Permanently restricted revenues
Problem 2: Home Care, Inc., a nongovernmental voluntary health and welfare organization, received two contributions in 2003. One contribution of P250,000 was restricted for use as general support in 2004. The other contribution of P200,000 carried no donor restrictions. What amount should Home Care report as temporarily restricted contributions in its 2003 statement of activities.
a. P250,000
b. P200,000
c. P0
d. P450,000
Problem 3: Which of the following statements is correct regarding the presentation of financial statements by government entities?
a. Non-adjusting events are never recognized but are always disclosed.
b. Changes in accounting policies may be accounted for by prospective application.
c. Just like business entities, government entities may (if they choose to) prepare interim financial statements on a quarterly basis.
d. Prior period errors are corrected by retrospective application.
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What amount should home care report as temporarily restrict
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