ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Question
Chapter 18, Problem 1UTI
To determine
Introduction: The unrestricted current funds are the funds that are available to the organization without any restrictions to use funds for current activities by the outside party.
To define: The importance of classification of restricted and unrestricted current funds in private not-profit organization.
Expert Solution & Answer
Explanation of Solution
As per FASB, the current funds are classified as restricted and unrestricted. The current funds that are restricted by third party are limited in regards of their usage whereas the funds that are available to the company to spend for current activities. Separation of the current funds on restricted and unrestricted basis confirms that the limitations imposed by the third party are validates.
This is helpful for an organization to determine the operational cost available to the company for making payments for operational cost.
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Chapter 18 Solutions
ADVANCED ACCOUNTING
Ch. 18 - Prob. 1UTICh. 18 - Prob. 2UTICh. 18 - Prob. 3UTICh. 18 - Prob. 5UTICh. 18 - Prob. 4.2ECh. 18 - Prob. 4.3ECh. 18 - Prob. 4.4ECh. 18 - Prob. 4.5ECh. 18 - Record the following events of Mental Health...Ch. 18 - Prob. 8E
Ch. 18 - Prob. 18.1.1PCh. 18 - Prob. 18.1.2PCh. 18 - Prob. 18.1.3PCh. 18 - Prob. 18.1.4PCh. 18 - Prob. 18.1.5PCh. 18 - Prob. 18.1.6PCh. 18 - Prob. 18.3.3PCh. 18 - Prob. 18.3.4PCh. 18 - Prob. 18.3.5PCh. 18 - Prob. 18.7.1PCh. 18 - Thirty years ago, a group of civic-minded...Ch. 18 - Prob. 18.8.1PCh. 18 - Prob. 18.8.2PCh. 18 - Prob. 18.9.1PCh. 18 - Prob. 18.9.2P
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