EBK ADVANCED FINANCIAL ACCOUNTING
12th Edition
ISBN: 9781260165104
Author: Christensen
Publisher: YUZU
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Chapter 19, Problem 19.14Q
To determine
Introduction : Voluntary health and welfare organizations (VHWOs) provide a variety of social services. These organizations withdrawn funds from the community in large amount and typically provide services with a nominal amount to those with the ability to pay or free of cost to those who cannot pay. The federal government generally provides tax exempted status to these organizations.
The reason of VHWOs not report all pledges received in the period in assets without donor restrictions in the statement of activities and identify what is not included.
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Students have asked these similar questions
A donor pledges money to the organization but has not paid it yet. The donor does not indicate how the money is to be used.
Is this change in net assets with or without donor restrictions?
Which of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.
Please answer with reason for all why the option is correct and why the other options are incorrect
14. According to the FASB, net assets with donor restrictions are released from restrictions:
A. At the end of each fiscal year.
B. As assets are spent for the purposes intended by the donor.
C. When funds are returned to the donor.
D. When they are reclassified to permanently restricted net assets.
Chapter 19 Solutions
EBK ADVANCED FINANCIAL ACCOUNTING
Ch. 19 - Prob. 19.1QCh. 19 - Prob. 19.2QCh. 19 - Prob. 19.3QCh. 19 - Prob. 19.4QCh. 19 - Prob. 19.5QCh. 19 - Prob. 19.6QCh. 19 - Prob. 19.7QCh. 19 - Prob. 19.8QCh. 19 - Prob. 19.9QCh. 19 - Prob. 19.10Q
Ch. 19 - Prob. 19.11QCh. 19 - Prob. 19.12QCh. 19 - Prob. 19.13QCh. 19 - Prob. 19.14QCh. 19 - Prob. 19.15QCh. 19 - Prob. 19.16QCh. 19 - Prob. 19.17QCh. 19 - Prob. 19.18QCh. 19 - Should a rotary club, an ONPO, report depreciation...Ch. 19 - Prob. 19.20QCh. 19 - Prob. 19.1CCh. 19 - Prob. 19.2CCh. 19 - Prob. 19.3CCh. 19 - Prob. 19.4CCh. 19 - Prob. 19.5CCh. 19 - Prob. 19.7CCh. 19 - Prob. 19.1.1ECh. 19 - Prob. 19.1.2ECh. 19 - Prob. 19.1.3ECh. 19 - Prob. 19.1.4ECh. 19 - Prob. 19.1.5ECh. 19 - Prob. 19.1.6ECh. 19 - Prob. 19.2.1ECh. 19 - Prob. 19.2.2ECh. 19 - Prob. 19.2.3ECh. 19 - Prob. 19.2.4ECh. 19 - Prob. 19.2.5ECh. 19 - Prob. 19.2.6ECh. 19 - Prob. 19.2.7ECh. 19 - Prob. 19.2.8ECh. 19 - Prob. 19.2.9ECh. 19 - Prob. 19.2.10ECh. 19 - Prob. 19.2.11ECh. 19 - Prob. 19.2.12ECh. 19 - Prob. 19.3ECh. 19 - Prob. 19.4ECh. 19 - Prob. 19.5.1ECh. 19 - Prob. 19.5.2ECh. 19 - Prob. 19.5.3ECh. 19 - Prob. 19.5.4ECh. 19 - Prob. 19.5.5ECh. 19 - Prob. 19.5.6ECh. 19 - Prob. 19.5.7ECh. 19 - Prob. 19.5.8ECh. 19 - Prob. 19.5.9ECh. 19 - Prob. 19.6ECh. 19 - Prob. 19.7ECh. 19 - Prob. 19.8.1ECh. 19 - Prob. 19.8.2ECh. 19 - Prob. 19.8.3ECh. 19 - Prob. 19.8.4ECh. 19 - Prob. 19.8.5ECh. 19 - Prob. 19.8.6ECh. 19 - Prob. 19.8.7ECh. 19 - Prob. 19.8.8ECh. 19 - Prob. 19.8.9ECh. 19 - Prob. 19.8.10ECh. 19 - Prob. 19.9ECh. 19 - Prob. 19.10PCh. 19 - Prob. 19.11PCh. 19 - Prob. 19.12PCh. 19 - Prob. 19.13PCh. 19 - Prob. 19.14PCh. 19 - Prob. 19.15PCh. 19 - Prob. 19.16PCh. 19 - Prob. 19.17PCh. 19 - Prob. 19.18PCh. 19 - Prob. 19.19PCh. 19 - Prob. 19.20PCh. 19 - Prob. 19.21PCh. 19 - Prob. 19.22PCh. 19 - Prob. 19.23PCh. 19 - Prob. 19.24.1PCh. 19 - Prob. 19.24.2PCh. 19 - Prob. 19.24.3PCh. 19 - Prob. 19.24.4PCh. 19 - Prob. 19.24.5PCh. 19 - Prob. 19.24.6PCh. 19 - Prob. 19.24.7PCh. 19 - Prob. 19.24.8PCh. 19 - Prob. 19.24.9PCh. 19 - Prob. 19.24.10PCh. 19 - Prob. 19.24.11PCh. 19 - Prob. 19.24.12PCh. 19 - Prob. 19.24.13PCh. 19 - Prob. 19.24.14PCh. 19 - Prob. 19.24.15PCh. 19 - Prob. 19.24.16PCh. 19 - Prob. 19.24.17PCh. 19 - Prob. 19.24.18PCh. 19 - Prob. 19.24.19PCh. 19 - Prob. 19.24.20PCh. 19 - Prob. 19.25PCh. 19 - Prob. 19.26P
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Similar questions
- Is the answer pledge correct or is this also a contribution?arrow_forwardWhich of the following statements is correct? Endowments are provided as donations which only allow a not-for-profit organization to invest in. other not-for-profit organizations only. Endowments are donations that are received with the provision that it will be invested and only the investment income may be spent by the organization. O Endowments may be restricted and unrestricted funds which must be used in accordance with the wishes of the contributor and only available during the life of the donor. Endowments are unrestricted donations which can be used for any purposes that are consistent with the goals and objectives of the not-for-profit organization.arrow_forwardDonor-restricted contributions that have been given to a VHWO for the purpose of purchasing fixed assets should be recorded as increases toa. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Fund Balance—Restricted.arrow_forward
- How should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.arrow_forwardA board sets aside resources to earn investment income to support general operations. Would the resrources 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?arrow_forwardA 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?arrow_forward
- Which of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.arrow_forwardWhich of the following is a distinguishing characteristic of proprietary funds? Select one: O a. They recognize revenues when they are measurable and available O b. They always earn sufficient revenues to cover their expenses O C They are legally prohibited from selling services to other governmental agencies O d. They charge fees for the services they providearrow_forwardThe 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 donationarrow_forward
- Need correct answer.with explanationarrow_forwardWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forwardFixed assets donated to a governmental unit should be recorded a. at estimated fair value when received. b. at the lower of donor’s carrying amount or estimated fair value when received. c. at the donor’s carrying amount. d. as a memorandum entry only.arrow_forward
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