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The FASB's Conceptual Framework and Statements of Financial Accounting Standards (SFASs) require full disclosures to be made in a business enterprise's financial statements. These disclosures requirements are applicable to corporations and nonprofit organizations. The purpose of these disclosures is to provide reliable and relevant information to the users of the financial statements. In addition to disclosures required by the FASB, nonprofits must also be in compliance with regulations enacted by Congress as well as local laws.
You currently work for a nonprofit organization as a staff accountant. The controller has requested that you conduct research on disclosure requirements for nonprofit organizations to ascertain if the organization is in compliance with established FASB requirements and any other regulations applicable to nonprofits, such as IRS regulations.
Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.
Explain disclosure requirements for nonprofit organizations, such as the tax-exempt determination letters required by Congress and the IRS.
Discuss the reasons for these disclosure requirements and the sentiments of the public and government about deviations and scandals in this sector because of lack of disclosures.
Include a minimum of 3 facts as they apply to the disclosure requirements for nonprofit organizations.
Prepare the journal entries required at December 31, 2007 and at December 31, 2008 assuming that a perpetual inventory system and the direct method of adjusting to market is used.
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
Elston Company is authorized to issue 1,000,000 shares of $1 par value common stock. During 2002, its 1st year of operation the corporation has the following stock transactions:
Find out the operating cash flow (OCF) for Kleczka, Inc., based upon the following data. (All values are in thousands of dollars.)
Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:
What kind of situation would make guaranteed payments a logical way of starting a two-person partnership?
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.
Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.
What are four safeguards that the ERISA legislation specified to address the many obstacles employees faced with pension plan funding? How did the Pension Protection Act add additional requirements to the protection of these plans?
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
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