The following gifts are received in Year One by a not-for-profit organization:
I. $2,000 specified by the donor to be used to pay salaries.
II. $10,000 for new conference room furniture.
III. $5,000 to be held for one year before being expended. The salaries are paid in Year Two and the conference room furniture is purchased in Year One. 10. How much should be shown as increases as Temporarily Restricted Net Assets in Year One?
A. Require foreign companies listed on that country's stock exchange to use IFRS for consolidated financial statements.
B. Allow foreign companies listed on that country's stock exchange to use IFRS .
C. Allow that country's companies listed on its stock exchange to use IFRS.
D. Adopt IFRS as that country's national GAAP.
E. All of the above are ways a country can use IFRS.
1) Program service expenses
2) Mgmt & general expenses
3) Fundraising expenses
A private not-for-profit health care organization has the following account balances:
Revenue from newsstand: 50,000
Amounts charged to patients: 800,000
Interest Income: 30,000
Salary Expense-nurse: 100,000
Bad debts: 10,000
Undesignated gifts: 80,000
Contractual adjustments: 110,000
What is recorded on net patient service revenue?
Which of the following are true?
Private not-for-profit universities must report depcreciation expense.
Public universities must report depreciation expense..
A private not-for-profit organization recieves three donations:
1) gift of $70,000 is unrestricted
2) gift of $90,000 is restricted to pay workers salary
3) gift of $120,000 is restriced forever with the income to be used to provide food for needy families.
Which of the following is not true?
A private not-for-profit organization has the following activities performed by volunteers who work at no charge. In which case should it report no amount of contributions?
In computing federal estate taxes, deductions from an estate's value are allowed for all of the following except?
Nancy Hanks reported:
Value of Estate assets: 1,400,000
Conveyed to spouse: 700,000
Conveyed to children: 100,000
conveyed to charity: 420,000
funeral expenses: 50,000
Administrative expenses: 20,000
What is taxable estate value?
An estate has the following income:
Rental income: 5000
Interest income: 3000
Dividend Income: 1000
The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decendant's will. What is the taxable income of the estate.
a public offering of no more than $5.9 million. (5 million is limit)
In a reporting company that is to be liquidated, assets are shown at
1) Gather, preserve, and account for all of the decendant's property.
2) Administer an orderly and fair settkenebt of all debts.
3) Discover and implement the decedent's intent for the remaining property held at death.
1) expenses of the estate. Without the preferential treatment, the apointment of an acceptable executor and the hiring of lawyers, accountants, and or appraisers could become a difficult task in estates with limited funds.
2) funeral expenses and recent medical expenses
3) debts and taxes given preference under federal and state law.
4) All other claims. such as unsecured obligations, credit card debts and the like
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