ADVANCED FINANCIAL ACCOUNTING-ACCESS
12th Edition
ISBN: 9781260518740
Author: Christensen
Publisher: MCG
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Question
Chapter 19, Problem 19.24.5P
To determine
Introduction: FASB stands for Financial Accounting Standards Board is a private, not for profit organization whose basic objective is to develop and promote generally accepted accounting principles in the United States of America. It is an independent organization that sets accounting standards for companies and firms within US.
To choose: Whether the given statement is true or false
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1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue. 2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants. 3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No Yes
Please answer with reason for all why the option is correct and why the other options are incorrect
13. An increase in net assets for a not-for-profit organization that would be labeled exchange revenue rather than support is:
A. A donation.
B. Special events.
C. A pledge.
D. Investment income.
The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000,
contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and
equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000,
the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000
was purpose restricted whereas the other $100,000 had to be held permanently, although the
subsequently earned income is without restriction. Fifty percent of the purpose restricted net
assets had to be used to help pay for a new building. The remainder was restricted to the payment
of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other
long-lived assets when acquired. Watson has one program service (health care) and two
supporting services (fundraising and administrative).
During the current year, Watson Foundation has the following transactions.
1. Computed interest of…
Chapter 19 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
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
- Financial resources of a college or university that are currently expendable at the discretion of the governing board and that have not been restricted externally and are nondesignated by the board for a specific purpose should be reported in the balance sheet as a. board-designated current funds. b. permanently restricted net assets. c. unrestricted net assets. d. temporarily restricted net assets.arrow_forward2. In accordance with ASC 958, contributions of services are recognized as increases in net assets without donor restrictions by a private, not for profit entity if which of the following criteria are satisfied? The services received create or enhance nonfinancial assets. The services require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donations The services will be performed within the current fiscal year. A) I or II B) I or III C) II or II D) I, II, IIIarrow_forwardWhich 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_forward
- What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?arrow_forwardPlease answer with reason why the option is correct and why remaining options are incorrect Which of the following statements is prepared by all not-for-profit organizations? Statement of financial position. a. b. C. d. Statement of functional expenses. Statement of revenues, expenses, and changes in net position. Both A and B.arrow_forwardWrite a detailed report covering the following topics: 1. ACCOUNTING FOR COLLEGES AND UNIVERSITIES • What Unique Issues do Colleges and Universities Face? • What are different revenues and expenses? • Accounting for revenues and expenses- Give examples • Treatment of grants and donations 2. ACCOUNTING FOR HEALTH CARE PROVIDERS/HOSPITALS • What Unique Issues do Health Care Providers Face? • What are the Key Differences Between Private Not-For-Profit and Government Health Care Providers? • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the key revenues and expenses recognized?arrow_forward
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