72. Arpco, Inc., a for-profit provider of healthcareservices, recently purchased two smaller companiesand is researching accounting issues arising from thetwo business combinations. Which of the followingaccounting pronouncements are the most authorita-tive?a. AICPA Statements of Position.b. AICPA Industry and Audit Guides.c. FASB Statements of Financial Accounting Con-сepts.d. FASB Statements of Financial Accounting Stan-dards.73. During the year, Public College received the fol-lowing:An unrestricted $50,000 pledge to be paid thefollowing year.A $25,000 cash gift restricted for scholarships.A notice from a recent graduate that the collegeis named as a beneficiary of $10,000 in thatgraduate's will.What amount of contribution revenue should PublicCollege report in its statement of activities?а. $25,000.b. $35,000.c. $75,000.d. $85,000.74. A voluntary health and welfare organization re-ceived a $700,000 permanent endowment during theyear. The donor stipulated that the income and in-vestment appreciation be used to maintain its seniorcenter. The endowment fund reported a net invest-ment appreciation of $80,000 and investment incomeof $50,000. The organization spent $60,000 to main-tain its senior center during the year. What amount ofchange in temporarily restricted net assets should theorganization report?a. $50,000b. $70,000c. $130,000d. $770,000

Note: As per our guidelines, only the first question can be answered 72. Arpco is covered by GAAP…

72. Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authorita- tive? a. AICPA Statements of Position. b. AICPA Industry and Audit Guides. c. FASB Statements of Financial Accounting Con- cepts. d. FASB Statements of Financial Accounting Stan- dards.

72. Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authorita- tive? a. AICPA Statements of Position. b. AICPA Industry and Audit Guides. c. FASB Statements of Financial Accounting Con- cepts. d. FASB Statements of Financial Accounting Stan- dards.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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