Govt acct - Study guides, Class notes & Summaries

Govt Acct Ch 13 Exam Questions And Answers 100% Verified 2024/2025 Cash received by a nongovernmental not-for-profit in year 1 that the donor stipulates is to cover operating expenses of the following year should be recognized as an "increase in temporarily restricted net assets" in year 1 and as "net assets released from restrictions" in year 2. - answerTrue The FASB states that donated services should be recorded as contributions by a not-for-profit organization if material, and if ...

Govt Acct Ch 13 Exam Questions And Answers 100% Verified 2024/2025 Cash received by a nongovernmental not-for-profit in year 1 that the donor stipulates is to cover operating expenses of the following year should be recognized as an "increase in temporarily restricted net assets" in year 1 and as "net assets released from restrictions" in year 2. - answerTrue The FASB states that donated services should be recorded as contributions by a not-for-profit organization if material, and if ...

Cash received by a nongovernmental not-for-profit in year 1 that the donor stipulates is to cover operating expenses of the following year should be recognized as an "increase in temporarily restricted net assets" in year 1 and as "net assets released from restrictions" in year 2. True The FASB states that donated services should be recorded as contributions by a not-for-profit organization if material, and if they meet the recognition criteria. True The FASB requires that suppor...

1. The FASB requires that not-for-profits show the relationship of functional expenses to natural classifications of expense in what format? a. Any of these formats is acceptable. 1. Which of the following standard-setting bodies requires a management's discussion and analysis as a part of the financial report? a. Both GASB and FASAB. 1. The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for which of the follow...

Net assets is an element of the financial statements for NFP. It is the residual interest in the assets of an NFP after subtracting its liabilities A complete set of general-purpose external financial statements issued by a nongovernmental NFP entity must include A statement of financial position as of the end of the reporting period, a statement of cash flows, and a statement of activities Pharm, a nongovernmental not-for-profit entity, is preparing its year-end financial statements. ...

Govt Acct Ch 13 Exam Questions And Answers 100% Verified 2024/2025 Cash received by a nongovernmental not-for-profit in year 1 that the donor stipulates is to cover operating expenses of the following year should be recognized as an "increase in temporarily restricted net assets" in year 1 and as "net assets released from restrictions" in year 2. - answerTrue The FASB states that donated services should be recorded as contributions by a not-for-profit organization if material, and if ...

The not-for-profit organization applying for tax-exempt status determines the appropriate subsection under IRC Sec. 501 for which it wants to be considered and the Internal Revenue Service then approves or denies the application. True The unrelated business income tax could be a significant cost and therefore should be of concern to tax-exempt organizations. True If a tax-exempt organization dissolves and goes out of business, it must distribute its assets to another tax-exempt organiz...

Federal interstate land sells Full Disclosure Act - applies to all unimproved land sold interstate. If a buyer or tenant does not receive this report before signing, he may void his contract or lease Appraisers Principles to Value (9) - Highest and Best use, Principle of Substitution, Principle of Conformity, Principle of Increasing and Decreasing Returns, Principle of Contribution, The Principle of Regression, The principle of Competition, The Principle of Change, The Principle of Anticipat...

The securities industry's primary regulatory body and created under what act? SEC, Securities Exchange Act of 1934 Function under the SEC's oversight and is accountable to the Commission for enforcing federal securities laws, as well as supervising securities practices within an assigned jurisdiction. Self Regulatory organizations (SRO) what are the largest SROs Financial Industry Regulation Authority (FINRA), Chicago Board Options Exchange (CBOE), Municipal Securities Rulemak...

Fundamental Payroll Certification 88 Questions with Verified Answers Spring 2023 2 separate w-3's - CORRECT ANSWER Form 1096 1 consolidated Form w-3 Form 8279 2 separate w-3's general valuation rule - CORRECT ANSWER actual market value actual cash value general valuation rule implied benefit rule employee - CORRECT ANSWER Independent contractor w-4 exempt employee exempt from FLSA $150 - CORRECT ANSWER $0 $150 $165 $210 written authorization -...