Several not- for-profit organizations use television campaigns to obtain pledges to contribute cash. Some people think that not- for- profit entities should recognize pledges as revenues when the cash is actually received. Others would recognize revenues when the pledges are made, subject to a pro-vision for amounts not likely to be collected. Based on that scenario, discuss (a) the need for an accounting standards- setting body, (b) the qualifications that members of that body should possess, and (c) the procedures that body should adopt in establishing accounting standards.
Answer to relevant QuestionsAn objective of business enterprise financial reporting is to provide “information about an enterprise’s performance provided by measures of earnings and its components.” City governments, how-ever, are not concerned ...Why do proprietary- type funds use full accrual accounting?List the proprietary- type funds, and briefly describe the use of each.State whether the following sentences are true or false regarding proprietary- type funds and the accounting measurements made within them. If the sentence is false, state why. 1. Enterprise Funds are used when a ...What is meant by the term legal level of budgetary control ? Cite some examples.
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