A-18 What determines the classification of restricted accounting? donations in a) Donor's expressed intent b) Management's plans c) Time of receipt d) Board designation non-profit
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What determines the clarification of restricted donation in non-profit accounting?
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- Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?How are Specific donations treated while preparing final accounts of a ‘Not-For-Profit Organisation’?Please answer with reason for all why the option is correct and why the other options are incorrect 13. An increase in net assets for a not-for-profit organization that would be labeled exchange revenue rather than support is: A. A donation. B. Special events. C. A pledge. D. Investment income.
- A Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements? Statement of financial position and statement of activities Statement of financial position, statement of activities, and statement of cash flows Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses Statement of financial position, statement of activities, and statement of functional expenses Choose onePlease answer with reason why the option is correct and why the other options are incorrecttutor give answer ASAP
- on III 2020/ACT 343/D1 / Section 7 ccounting for Governmental and Non-Profit Organizations How is the Statement of Cash Flows for Proprietary Funds similar and dissimilar to a Statement of Cash Flows for a for-profit business? A BI - В I round noise 00 1.E 19-4 Multiple choice Which of the following is not a governmental fund? Special revenue fund Debt service fund Trust fund General fund Which of these funds generally follows the accrual basis of accounting? General fund Internal service fund Debt service fund Special revenue fund Which of the following funds will report fixed assets in the fund financial statements? General fund Special revenue fund Debt service fund None of the above Which of the following funds would not be included in governmental fund financial statements? Debt service fund General fund Pension trust fund Permanent fund Which of the following funds would be used to account for an activity that provides goods or services to other funds? General fund Enterprise fund Debt service fund Internal service fundPlease answer with reason why the option is correct and why remaining options are incorrect Which of the following statements is prepared by all not-for-profit organizations? Statement of financial position. a. b. C. d. Statement of functional expenses. Statement of revenues, expenses, and changes in net position. Both A and B.
- 7-16. A successful businessperson in the community has contacted the Moose County Board of Commissioners about donating income-producing securities to the County to support a particular activity. Under the agreement, the County would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred in 2024: 1. Securities, which had an original cost of $4,250,000, were donated to the County on January 1. The fair value of the securities at that date was $5,846,000, including • Corporate equities of $2,830,000. • Corporate bonds of $3,000,000. • Accrued interest receivable on the bonds of $16,000. 2. During the year, the fund received $180,000 in interest payments on the bonds. At the end of the year, accrued interest on the bonds totaled $16,500. 3. During the year, the fund received dividends on the corporate equities of $76,500. 4. During the year, the fund paid $222,000 supporting activities identified in the trust agreement…The amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountThe following are elements of donation, which one is not ? Capacity of the donee to make the donation Capacity of the donor to make the donation The donative intent or intent to make a gift on the part of the donor The delivery and acceptance of the donation