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(True or False)State whether each of these sentences is true or false. If false, state why.1. FASB standards require that NFPO financial statements report on activities by major fund.2. If an NFPO reports temporarily restricted resources, it is likely the restrictions could have been placed either by donors or by the NFPO board of directors.3. When an NFPO spends temporarily restricted resources on the project for which a donor made the contribution, the expenses are reported in the temporarily restricted column of the statement of activities.4. Members of an NFPO donated their time to construct a garage for the NFPO automobile. The NFPO would have paid $ 8,000 for the labor, had it not been donated. The garage will last 20 years. The NFPO should report the contributed labor as an asset and as contribution revenue.5. Cash donated specifically for constructing a building that will have an estimated life of 40 years should be reported as temporarily restricted.6. Depending on the circumstances, a not for profit museum has the option to either record or not record an asset when it receives a donation of a valuable art work.7. From the perspective of NFPO accounting, there is no difference between a donor imposed restriction and a donor imposed condition.8. An NFPO held a fund- raising campaign at year end. It received pledges of $ 45,000, but it did not receive any cash until the following year. The NFPO should not report any revenue in the year it conducted its fund raising campaign, but it should report the amount of the pledges in a note to the financial statements.9. Gains and losses on investments must be reported in the unrestricted column of the statement of activities.10. If a donor makes an unconditional promise to give cash to an NFPO 2 years after the NFPO balance sheet date, the gift should be classified as temporarily restricted.
dell inc balance sheet at january 30 2004 assets cash - 4317 short term investments - 835 receivables - 3635
sandblasting equipment acquired at a cost of 64000 has an estimated residual value of 4000 and an estimated useful life
1) Olga is the proprietor of a small business. In 2014, the business's income, before consideration of any cost recovery or § 179 deduction, is $104,000.
The taxable income for Botsal Inc. (Botsal) for the 2007 taxation year was $624,000. All taxable income was generated from business activities with the exception of $2,000 in foreign interest income on which tax of 10% was withheld. Of the busines..
Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even point, the company's total contribution margin equals $500,000. Based on this information, the company's:
monte and allie each own 50 of raider corporation an s corporation. both individuals actively participate in raiders
What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?
Calculate the following variances: Direct manufacturing labor rate variance, Direct manufacturing labor usage variance, Direct materials price variance (how we did it in the chat session), Direct materials usage variance
jordana woolens is a manufacturer of wool cloth. the information for march is as follows beginning work-in-process
monterey corporation is considering the purchase of a machine costing 36000 with a 6-year useful life and no salvage
The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. What is the price of the bond on date of purchase?
beginning assets were 437600 beginning liabilities were 262560 common stock sold during the year totaled 45000 revenue
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