Nonprofit fund accounting-restricted funds

Assignment Help Auditing
Reference no: EM13114163

Restricted funds for Nonprofit fund accounting:

Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?

If you knew that the strike fund was held for steel workers' union to pay benefits during a potential strike versus a fund used by a nonprofit as a safety reserve in cash for a possible future strike, does that change your answer? Why or why not?

Reference no: EM13114163

Questions Cloud

Find the gage pressure at point a : The manometer shown below measures the pressure of the water in the tank. Using variables for the densities (no values given), find the gage pressure at point A.
Diagram the homologous chromosomes : However, it could be a mistake to assume that every homologous chromosome that a gamete receives after meiosis is solely from the mother or father. Explain why this could be so using the following data.
Elucidate among hobbes and locke : Among Hobbes and Locke, which philosopher’s big idea fits most closely with the social contract of the United States? Elucidate.
Nonprofit fund accounting-restricted funds : Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?
Determine the new water level : A graduated cylinder contains 25.0 of water. What is the new water level after 34.2 of silver metal with a density of 10.5 is submerged in the water.
Bond indebtedness and maturity : Why would a company want to reduce its bond indebtedness before its bonds reach maturity? Indicate how this can be done and the correct accounting treatment for such a transaction.
Certain restriction enzymes produce cohesive ends : Certain restriction enzymes produce cohesive (sticky) ends. this means that they a) make a staggered double-strand cut, leaving the ends with a few nucleotides of single-strand DNA protruding. b)cut in regions of high GC content.
Bankruptcy and default-creditors concessions : What type of concessions might a creditor grant the debtor in a troubled debt situation? What is meant by "impairment" of a loan? Under what circumstances should a creditor or debtor recognize an impaired loan?

Reviews

Write a Review

Auditing Questions & Answers

  Audit of family first farm

Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.

  Audit evidence-validity of sources of evidence

The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.

  Preliminary analytical procedures

Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.

  Audited financial statements covered by an auditors report

Show a qualified opinion on the financial statements because of the client imposed scope limitation.

  Automated payroll-regular auditing

Which of these two controls would cost less and prove more effective? Is there a different, more cost effective strategy we should consider?

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  State the level of materiality

State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.

  Audit report of california water services group

Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.

  Internal control procedures

Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?

  Bond discounts-bond premiums

Explain how bond discounts and premiums usually arise. Describe how they are accounted for in the balance sheet and income statement.

  Audit for adequacy of provision for bad debt

Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?

  Illustrate the tax issues

Illustrate the tax issues that are raised and the relevant sections of the legislation.

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