If certain criteria are met, inexhaustible collections of ONPOs are not required to be capitalized or depreciated.

Question:

If certain criteria are met, inexhaustible collections of ONPOs are not required to be capitalized or depreciated. Why is this so, and what accounting and reporting recognition, if any, is required for such inexhaustible collections?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Governmental and Nonprofit Accounting Theory and Practice

ISBN: 978-0133799569

11th edition

Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott

See More Books

Question Posted: Apr 28, 2017 08:02 AM

See More Questions

Inexhaustible collections of ONPOs are not required to be capitalized or depreciated, if certain criteria are met. Why is this so, and what accounting and reporting recognition, if any, is required...
Neopost SA is a French company operating mainly in Europe and the United States that sells and leases mailroom equipment. In accordance with IFRS, the company capitalizes development costs when...
Institutionally Related Foundations. Review each of the following cases that describe a public university and a foundation related to it (i.e., an institutionally related foundation). Explain whether...
Calculate UTX's market value-added (MVA) for each year 2010-2012.
Export order Berry Company produces and sells 30,000 cases of fruit preserves each year. The following information reflects a breakdown of its costs: Berry marks up its prices 40% over full costs. It...
Kalox, Inc., manufactures an antacid product that passes through two departments. Data for May for the first department follow: The beginning work in process inventory was 80% complete with respect...
Why is dynamic modeling based on objects, but not classes?
Ling Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Instructions (a) Keeping in mind the time lag between deposits...
Jungleland, Inc., acquired 1,000 of the 4,000 shares of Clemmons Corporation for $300 each on January 1,2024 . The book value of Jungleland's share of Clemmons's identiflable net assets was $275,000...
The income tax rate is 25%. Number of rooms is 240, and hotel operates at 80% occupancy. Room, Food & Beverage, and Other Operated Department expenses are directly variable with total sales...
When are donor-restricted contributions and donor-restricted investment income permitted to be reported as revenues without donor restrictions?
Record the following transactions in the accounts of a nongovernment VHWO or ONPO. 1. Unconditional pledges made to the organization during the year total $1,500,000, including $500,000 restricted by...
The accounting records of The Dakota Trading Post Company include these accounts Requirement 1. Prepare the company's net cash provided by (used for) operating activities section of statement of cash...
The money stock includes all of the following EXCEPT a. metal coins. b. paper currency. c. lines of credit accessible with credit cards. d. bank balances accessible with debit cards.
A lower-level manager discovers that his boss has made a wrong decision that could affect the company negatively. Looking at the various cultural norms described in the chapter, how would you expect...
What are the major problems associated with licensing?
One unintended consequence of unemployment insurance is that it reduces the a. search effort of the unemployed. b. income uncertainty that workers face. c. role of unions in wage setting. d. amount...
Bryce borrowed funds from Rock Canyon Bank for his education and signed a note for the amount payable to the bank. The bank indorsed the note and transferred it by delivery to the U.S. Department of...
Faleye Consulting is deciding which of two computer systems to purchase. It can purchase state-of-the-art equipment (System A) for $21,000, which will generate cash flows of $6,000 at the end of each...
1. What are some current issues facing Saudi Arabia? What is the climate for doing business in Saudi Arabia today? 2. Is it legal for Auger's firm to make a payment of $100,000 to help ensure this...
Maynor County officials have concluded that several legally separate entities must be included as component units of its reporting entity in its CAFR. Three of those entities and the funds used to...
The relationships between a county and several potential component units are outlined as follows. Harrington County is organized under the county executive form of government, as provided by state...
The City of Duncanville has four potential component units. The finance department staff is trying to determine which, if any, of these entities to include in the citys financial reporting entity....
A researcher reports that "the mean score for women (M=8.6, SD= .4) was higher than the mean score for men (M=6.5, SD= .4)." What statistic is she telling you about?
A naive way to implement the antithetic variable scheme is to use both U and 1 - U in an inver- sion simulation. Examine empirically whether this method leads to variance reduction for the...
Part (a) Let n be an odd positive integer. Let M be the n x n matrix whose entry in row i and column j is given by Mi,j = i+j-2 i+j-2-n ifi+j 2 < n otherwise. For example, when n = 3 the matrix M is...

If certain criteria are met, inexhaustible collections of ONPOs are not required to be capitalized or depreciated.

Question:

Step by Step Answer:

Collections of Other notforprofit organizations ONPOs Collections Financial accounting standards boa...View the full answer

Governmental and Nonprofit Accounting Theory and Practice

Students also viewed these Cost Accounting questions