You are a member of the executive of the students union at your university. As one of

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You are a member of the executive of the students’ union at your university. As one of the few executive members with some knowledge of financial accounting, you have been tasked with responding to a request from the office of the university’s vice-president of finance. She has asked the student union to provide its thoughts on the university’s move to present the expenses on its statement of operation (statement of income) by function rather than by nature. The VP is proposing two functions: (1) instruction/student support and (2) ancillary.
Required:
a. What concerns might the student union have with this proposal?
b. What recommendation(s) would you suggest the student union make in relation to the proposal?

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a Preparing statements of income by function requires management to exercise judgement in terms of which expenses are allocated to each function For e...View the full answer

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Understanding Financial Accounting

ISBN: 978-1118849385

1st Canadian Edition

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

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Question Posted: Jun 11, 2015 06:41 AM

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You are a member of the executive of the students union at your university. As one of

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a Preparing statements of income by function requires management to exercise judgement in terms of which expenses are allocated to each function For e...View the full answer

Understanding Financial Accounting

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