Under what circumstances must an NFPO recognize a contributed work of art as revenue? Under what circumstances

Question:

Under what circumstances must an NFPO recognize a contributed work of art as revenue? Under what circumstances does the organization have an option not to recognize it as revenue?

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

Step by Step Answer:

Related Book For book-img-for-question

Introduction to Governmental and Not for Profit Accounting

ISBN: 978-0132776011

7th edition

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

See More Books

Question Posted: Dec 30, 2014 04:55 AM

See More Questions

What are pass-through grants? Under what circumstances must a recipient government report them as both a revenue and an expenditure?
Under what circumstances must a company record a liability for future costs of retiring an asset? What judgements are necessary to record a retirement obligation? What is the offsetting debit?
Under what circumstances must a leasehold interest be evidenced in writing? Why?
1. If net profit is $47,025; depreciation is $2,200; accounts receivable increases $5,056; accounts payable increases $4,673; and inventory declines $850; what is the operating cash flow for the...
Stein and Company has established a sinking fund to retire a bond issue of $500,000, which is due in ten years. How much is the quarterly sinking fund payment if the account pays 8% annual interest...
Why are there more accountants per head of population in New Zealand than in France?
Berkley Corp. wanted to buy 1,000 customized umbrellas imprinted with their logo to use for promotional purposes. It planned to use 250 of the umbrellas for an event scheduled for early February 2012...
Capriati Corporation commenced operations in early 2012. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its...
6. For which of following reversible reaction the degree of dissociation or association depends upon the value of temperature but NOT on value of pressure? (a) N2(g)+3H2(g)2NH3(g) (b) N2O4(g) 2NO2(g)...
The table below shows annual returns for Orkid Berhad and one of its major competitors, Bunga Raya Berhad. Encik Ghazali is an investor who invests in both Orkid Berhad and Bunga Raya Berhad. His...
When should an NFPO make a reclassification of its net assets?
Discuss the meaning of fair value when applied to an NFPOs investments, and give examples of how fair value may be determined.
At the end of 2020, Perry Co. has an allowance for doubtful accounts of $28,000. On January 31, 2021, when it has accounts receivable of $575,000, Perry Co. learns that its $5,500 receivable from...
A 25 kg child is sliding to the right at 1.75 m/s on frictionless ice when he is struck by a barrage of 8 identical snowballs. If each snowball has a mass of 0.22 kg and a leftward velocity of 14...
Carbon dioxide ( = 1.84 kg/m^3) passes through the expansion chamber, which causes mercury ( = 13,550 kg/m^3) in the manometer to settle as shown. Determine the velocity of the gas at A. Assume no...
The four engines of a Boeing 7 4 7 - 1 0 0 transport can produce a combined thrust of 1 7 6 , 0 0 0 lbs . at takeoff. the plane begins its roll with an acceleration of 7 . 5 6 ft . / sec squared....
The cutting tool material with the highest thermal conductivity is: a ) ) High speed steel b ) Carbide c ) ) Ceramics d ) Cubic boron nitride
What do tool angles specification systems help in defining? a ) Chip thickness ratio b ) Cutting tool wear c ) The orientation and geometry of cutting edges d ) Workpiece hardness
Show that (x) = x 2 + 3x 1 and g(x) = 3x 3 9x + x 2 are rational functionsthat is, quotients of polynomials.
An Atomic Energy Commission nuclear facility was established in Hanford, Washington, in 1943. Over the years, a significant amount of strontium 90 and cesium 137 leaked into the Columbia River. In a...
Consider a three-dimensional system with central potential $V(r)=V_{0} /\left(r^{2}+a^{2} ight)$. Write the WKB approximation for the wave function for scattering of given angular momentum $l$,...
Consider four mutually exclusive alternatives: Each alternative has a 5-year useful life and no salvage value . The MARR is 10%. Which alternative should be selected, based on (a) Future worth...
Consider three alternatives: *At the end of its useful life, an identical alternative (with the same cost, benefits, and useful life) may be installed. All the alternatives have no salvage value . If...
Consider three mutually exclusive alternatives. The MARR is 10%. (a) For Alt. X, compute the benefit-cost ratio. (b) Based on the payback period, which alternative should be selected? (c) Determine...
How does lean production facilitate effective communication and collaboration across departments?
2. The idiophones in gamelan ensembles occur in pairs. The longest bar on a particular gamelan pair has a fundamental frequency (pitch) of 100Hz. Call this gamelan A. (a) (3 points) What are two...
The authors of The Creation of Inequality make the point that the Ice Age had barely thawed when some of our ancestors began "surrendering bits of equality." And that process unfolds across 15,000...

Under what circumstances must an NFPO recognize a contributed work of art as revenue? Under what circumstances

Question:

Step by Step Answer:

An NFPO must recognize a contributed work of art as revenue if ...View the full answer

Introduction to Governmental and Not for Profit Accounting

Students also viewed these Accounting questions