Which of the following will a Notice of Donation is needed? Donated P90,000 worth of medical equipment to a NGo Donated relief goods to the office of the vice president. P 67,000 Donated building materials worth P150,000 to the people of Tagaytay to assist in the reconstruction of the houses. Donated tents and blankets to the barangay that is running the Taal evacuation center worth P50,000

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: Sum-of-the-year's-digits

A: Depreciation is the wear and tear of an asset that is expensed off during the useful life of an…

Q: What are insurance funds and what are examples of insurance funds?

A: The Insurance Fund is a common fund on Bybit that goes about as the first line of defense against…

Q: Identify how life insurance fund appears in the financial statements? a. The debit side of the…

A: Life Insurance Fund- It is a fund which helps the entity in making payment for its obligation which…

Q: Are there any alternatives to the allowance method?

A: The alternative to the allowance method is the direct write-off method, under which bad debts are…

Q: Explain how the obligation for postretirement benefits is measured and how the obligation changes.

A: The answer for this question is given generally as each organisations can following their own…

Q: How to Use Compound Interest Factors for Annuities

A: Compound interest factor for annuities is used to compute the present and future value of annuities,…

Q: At what point would it be necessary to purchase a Personal Liability Umbrella policy?

A: Umbrella policies are relatively inexpensive so they are worth the inevstment.

Q: What is the importance of proper loan documentation?

A: Loan documentation are documents that lenders request from borrowers for the purpose of providing…

Q: Outline the measures used to describe possible loss accurately?

A: The success of a business depends on how accurately they predict future profit or loss arriving…

Q: Briefly explain the difference between an insurance and an assurancepolicy?

A: Insurance policy and Assurance policy are two different policies.  Insurance policy provides…

Q: Describe the Rights of the Surety.

A: A surety is a person or entity that takes on the risk of another party defaulting on their debts or…

Q: Define insurance expense.

A: Expense: It refers to the cost incurred by a business to generate revenues in their business…

Q: Types of Trusts?

A: The types of trusts as follows: Living trust: One of the usually shaped trust is an inter vivos…

Q: why should the client represantion letter be prepared foreach examination?

A: SOLUTION  REPRESENTATION LETTER  IS A LETTER WRITTEN FROM THE ASSOCIATION TO ITS  ACCOUNTANT…

Q: Identify and explain five criteria by which a taccounting heory may be evaluated?

A: The accounting theory is considered as a branch of accounting that consists of all the set…

Q: er type of account name for gift card lia

A: Gift card liability refers to the concept that reflects that the company has the obligation to…

Q: Explain using practical example how a discount on a debenture is treated ?

A: Let us take an example Divya Ltd. issues Rs. 1, 00,000 debentures on Jan. 1, 2021, at 10 per cent…

Q: Using practical example, describe how an exceptional item would be accounted for?

A: Ans. An exceptional item can be an income or an expense. These are those transactions that are not…

Q: How often are donor restrictions violated?

A: Donations are the lifestyles blood of nonprofits that assist them continue to exist and satisfy…

Q: what is a deed how is it different from the title?

A: A deed is a document that represents the right of transfer of ownership or right transfer from one…

Q: Distinguish between tangible and intangible benefits.

A:

Q: The child and dependent care provisions?

A: Definition: Tax credit: Tax credit refers to the money which tax payers can subtract from the taxes…

Q: What factors should be considered in determining the issue price of a debenture ?

A: Debentures are the long term debt issued to pursue a new project. Interest paid in debentures are…

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: Direct Compensation coverage.

A: The determinants of direct financial compensation can be classified into two categories, external…

Q: 21. What is the form that filled out by insured if a loss is suffered? *

A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…

Q: Which of the following statements is true regarding insurance regulation?

A: The regulation of the insurance business is an essential component of the industry, with the main…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: In your own words, explain exempt supplies for VAT purposes and provide three examples of exempt…

A: Exempt supplies   Exempt supplies are  supplies of those goods or services on which VAT is not…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: What type of information is entered for insurance and why is insurance important?

A: Insurance is a way to protect oneself from financial loss. It is a type of risk management that is…

Q: What is important for a MACRS to consider at the time of disposal?

A: MACRS stands for Modified Accelerated Cost Recovery System. These are the regulations of…