A-18 What determines the classification of restricted donations in accounting? a) Donor's expressed intent b) Management's plans c) Time of receipt d) Board designation non-profit
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- Three Categories of program revenue are reported in the statement of activities: Charge for service, operating grant and contribution and Capital grant and contribution. O a. True O b. FalseIndicate which of the following use Modified Accrual Accounting?Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?
- Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionThe party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the a. trustee. b. remainderman. c. grantor. d. beneficiary.Which of the following is needed for a fiduciary relationship to exist? Multiple Choice The assets are controlled by outside entities. The assets are derived from the reporting entity’s own revenues, which are used to benefit others. The assets are for the benefit of individuals and/or entities that are not part of the reporting entity. The assets are derived from a pass-through grant for which the reporting entity has administrative responsibility.
- Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair valueUnder IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.Which of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trust
- Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employersAccording to GASB standards, expenditures are classified by: a. Fund, function or program, organization unit, source, and character. b. Fund, function or program, organization unit, activity, character, and object. c. Fund, appropriation, organization unit, activity, character, and object. d. Fund, organization unit, encumbrance, activity, character, and object.Sinking Funds Entries The following information is available concerning Nunan Corporations sinking fund: Required: Prepare journal entries to record the preceding transactions for Nunan.