Provide answer A-18 What determines the classification ofrestrictedaccounting?donations in(a) Management's plans(b) Donor's expressed intent(c) Time of receipt(d) Board designationnon-profit

The correct answer is (b) Donor's expressed intent.Explanation: Restricted accounting in non profit…

Answered: A-18 What determines the classification…

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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Similar questions

A-18
What determines the clarification of restricted donation in non-profit accounting?
Nonprofit Accounting?
Solve this Accounting MCQ 123
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 one
An NFP organization receives supplies from a donor. At what amount is the donation reported in contribution revenue? Select one: A. The donor's cost B. Fair value at the date of donation C. Fair value at year-end D. Zero
Please answer with reason why the option is correct and why the other options are incorrect
1
State the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.
A board sets aside resources to earn investment income to support general operations. Would the resources set aside be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?
Which of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.
Which of the following statements is prepared by all not-for-profit organizations? O Statement of changes in net position. O Both Statement of financial position and Staternent of changes in net position. O Statement of financial position. O Statement of revenues, expenses, and changes in net position.

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A-18 What determines the classification of restricted accounting? donations in (a) Management's plans (b) Donor's expressed intent (c) Time of receipt (d) Board designation non-profit