a. The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and
Question:
a. The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and discuss how the different types of contributions are recognized as revenue (i.e. cash contributions, unconditional promise to give, conditional promise to give, multi-year pledge).
b. How should a loss contingencybe handled under the three different scenarios. Give an example of each. 1. Probable 2. Reasonably Possible 3. Remote Gain contingencies are accrued and disclosed. TRUE or FALSE Please explain your answer.
c. When partners are admitted to or removed from a partnership, the change can either be accounted for using the bonus method or the goodwill method. Which method do you feel is better and why? Do you feel it's appropriate for both methods to be permissable under US GAAP?
GoodwillGoodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...
Step by Step Answer:
A Contribution is transfer of assets or money to a non profit organisation gratuitously without the expectation of service by the person making the contribution There are basically two methods of clas...View the full answer
Managerial Decision Modeling With Spreadsheets
ISBN: 9780136115830
3rd Edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
