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Donors within the non profit sector (and they include: individuals, foundations, grant funds, agency funds (such as money from United Way), corporate contributions etc.) offer an opportunity/challenge because there is a personal reason for making their contribution; much more so than with tax revenue, enterprise fund or other source of revenue that we have discussed to this point. What unique issues does this bring up when it comes to managing revenue from this source? What additional obligations do you have when it comes to donation management that does not exist concerning other types of revenue?
Which of the following is not a disadvantage of using the FIFO cost flow assumption?
A machine is purchased by making payments of $5,000 at the beginning of each of the next five years. The interest rate was 10%. The future value of an ordinary annuity of 1 for five periods is 6.10510. The present value of an ordinary annuity of 1 fo..
Compute Juan's gross income assuming that he uses the cash basis of accounting.
Assume the British pound appreciates against the dollar while the Japanese yen depreciates against the dollar. Which of the following is true?
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
Which is not a GAAP for investments in equity securities? a. replacement value method b. market value method c. Equity method d. consolidation
Western State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government.
What if state police regulations require that vehicles of persons taken into custody on the open road be impounded and subjected to a prescribed inventory inspection?
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.
Khalid Company began business on January 1, 20X1, with assets of $150,000 cash and equities of $150,000 capital stock. In 20X1, it manufactured some inventory at a cost of $60,000 cash.
What is the purpose of the CUT-OFF audit objective as applied to ACCOUNTS RECEIVABLE?
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