In what amount should the institute recognize revenue

Assignment Help Accounting Basics
Reference no: EM13120560

A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue? The institute applies a discount rate of 10 percent to all pledges. Would your response be the same if the foundation promised to donate the funds only if and when the institute held an exhibition of nineteenth century American photography? Why do many not-for-profits object to the standards pertaining to revenue recognition of pledges?

Reference no: EM13120560

Questions Cloud

Problem related to net operating income : If sales to increase by 11% next year. How do I find the percentage that should net operating income will increase?
What will be the final temperature : A 100g sample of water at 27oC is poured into a 76.2g sample of water at 89oC. What will be the final temperature.
Draw a coin ramdomly what is the probality that : Suppose you have 3 nickels, 2 dimes and 6 qtrs in your pocket. If you draw a coin ramdomly what is the probality that a. you will draw a dime ? b. you will draw a half dollar ? c. you will draw a qtr?
Body of knowledge : Science is a way of thinking much more than it is a body of knowledge. -CARL SAGAN, BROCA'S BRAIN  Science. It is almost a second language as well as a method of inquiry
In what amount should the institute recognize revenue : A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
Simplify the radical equations : Why is it important to simplify radical expressions before adding or subtracting? How is adding radical expressions similar to adding polynomial expressions? How is it different? Provide a radical expression for your classmates to simplify.
What is the new voume : A sample containing 4.80 g O2 of gas has a volume of 15.0 L. Pressure and temperature remain constant. What is the new voume if 0.500 mole O2 gas is added.
Find probability that runner will complete road race : If one runner is selected at random, what is the probability that this runner will complete this road race in less than 231.58 minutes?
Determine the spring constant in n/m : The mass then travels vertically and it takes 1.10 s for the mass to reach the top of its trajectory. Determine the spring constant, in N/m. (Use g=9.81 m/s2). Assume that the time required for the spring to reach its full extension is negligible.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Required production-raw material purchases

Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are plannned for the year 20x1. One units of raw material are required to produce each unit of finished product.

  What will jackson’s cash collections from sales

Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?

  Explain include authority and reasoning

Explain the problem with authority and resoning

  Explain in general terms the accounting treatment

Accounting Homework:   Explain in general terms the accounting treatment to changes in terms of existing loans.  What should be the accounting treatment of the modification to Blueberry's note?

  Determining tests of controls

What do you do if you are unable to determine internal controls? Which do you think is most important?

  Economic order quantity model

The Economic Order Quantity (EOQ) model is helpful in determining accurate inventory decisions. Discuss the major inventory costs that are used in determining the EOQ.

  High quality of earnings

Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and..

  Prepare the adjusting entries for independent case

Make the required end-of-period adjusting entries for each independent case listed below.

  Solve the process costing problem

Spectre Chemicals produces Zaloff in a two department process. Information on the two departments for March and April, 2011 are as follows

  Write the appropriate audit report

Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.

  Determine the unit cost for the month in cooking

Pasquale Products Co. has two departments: Mixing and Cooking. At the beginning of the month, Cooking had 4,000 units in process with costs of $8,600 from Mixing, and its own departmental costs of $500 for materials, $1,000 for labor, and $2,500 f..

  Record the bond pruchase on august 1, 2010

On August 1, 2010, Dambro Co acquired 200, $1,000, 9% bonds at 97 plus accrued interest. The bonds will be added to Dambro's available for sale portfolio. The bonds were dated May 1, 2010, and mature on April 30, 2016, with interest paid each October..

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