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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.
aissued 100000 shares of common stock at 5 each 1000000 shares are authorized at 1 par value.bissued 10000 shares of
How does activity-based costing differ from other forms of costing? What about activity-based management? Are activity-based costing and management suitable to all companies? Why or why not?
1. compute the return on investmentroi for each division usingthe formula stated in terms of margin and turnover.2.
give an example of poetic justice in a story you like. why is your choice a good example of poetic
monitor company has other operating expenses of 250000. there has been an increase in prepaid expenses of 15000 during
If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
multiple-step statement with retained earnings presented below is information related to brokaw corp. for the year
Faith inherited an undivided interest in a parcel of land from her father on February 15, 2005. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000.
holliday companys inventory records show the following dataunits unit costinventory january 1 5000 9.00purchases june
the current asset section of the excalibur tire companys balance sheet consists of cash marketable securities accounts
1. prepare a schedule of cost of goods manufactured - in good form2. prepare a schedule of cost of goods sold - in good
What is the purpose of internal controls? Be specific.
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