Question: 1. FASB statement 116 requires contributions to be recorded as revenue when the contribution is promised. 2. After the issuing of Statement 117, not-for-profit financial

1. FASB statement 116 requires contributions to be recorded as revenue when the contribution is promised.
2. After the issuing of Statement 117, not-for-profit financial statements are relatively standardized across industries.
3. FASB statement 124 requires that investments in equity securities with readily determinable values be reported at fair market value.
4. The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants

Step by Step Solution

★★★★★

3.57 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 FASB statement 116 requires contributions to be recorded as revenue when the contribution is promi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

68-B-A-G-F-A (1293).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Joey Co. holds a 90% ownership interest in Legoria Co and uses the equity method to account for its investment in Legoria Co. Each year, Legoria Co. purchases large quantities of a certain metal used...

When would receipt of a grant be recorded as revenue rather than a contribution? Give an example of a transaction in which a grant would be recorded as revenue.

State and local governments often poll their constituents about their views on the economy. In two polls taken approximately 1 year apart, ONeil Associates asked 600 Maricopa County, Arizona,...

Investments in equity securities are classified in one of three different ways, based on ownership percentage. identify the three ways amd the characteristics of each including how the accounting...

Chapter 12 True or False 1. FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position. 2. In the statement of activities, FASB Statement No. 117...

Highlight the answers with colors ????????? Question 7 of 45 An example of a walk-through would be when _______________________. The controller reviews the bank reconciliation prepared by the...

Only Need a the answer for STEP 1 of "PART C" Need a sample answer doesn't have to be extremely detailed or anything. Term Project Part A: Understanding Financial Statements Locate and use an annual...

1.Which of the following is part of the treatment of multi-year pledges as required by FASB Statement No. 116? A)At the end of each accounting period, the difference between the balance in the...

Topic: Company Analysis - Due by Sunday Assignment: Choose a publically-traded for profit company you would like to learn more about. Find a copy of their most recent annual report using the...

1. Which of the following best describes the GASB financial reporting model for state and local governments? A. Required comprehensive annual financial reports for all public entities. B. Integration...

When you calculated the RNF for your company you found that Liabilities and Owner's Equity were $50,000 greater than assets. Your CFO Dom Perinion asks what this means for the company? Explain the...

Explain the Europe an put option formula at time 0 based on an n- period binomial option pricing model.

The City of Windhoek launched a Smart Transport Project to improve public bus serviceswith GPS tracking and mobile ticketing. The project manager is technically skilled but rarelycommunicates with...

On February 1, 2018, Bell Co. decides to invest excess cash of $16,800 by purchasing a Grant, Inc. bond at face value. At year-end, December 31, 2018, the fair value of the Grant bond was $19,600....

On January 1, 2018, Bark Company invests $10,000 in Roots, Inc. stock. Roots pays Bark a $400 dividend on August 1, 2018. Bark sells the Roots's stock on August 31, 2018, for $10,450. Assume the...

On January 1, 2018, the Chaucer's Restaurant decides to invest in Lake Turner bonds. The bonds mature on December 31, 2023, and pay interest on June 30 and December 31 at 4% annually. The market rate...

Garden Haven has excess cash of $15,000 at the end of the harvesting season. Garden Haven will need this cash in four months for normal operations. Requirements 1. What are some reasons why Garden...

Dubois sold Hocking a condominium that included an option to participate in a rental pool arrangement. Hocking elected to participate in the arrangement. Under it, the rental pool's agent rented...

Why do most investors hold diversified portfolios?

Transferred-in costs, FIFO method (continuation of 17-33). Refer to the information in Problem 17-33. Suppose that Larsen Company uses the FIFO method instead of the weighted-average method in all of...

Weighted-average method. Porter Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the Assembly Department and the Finishing...

Journal entries (continuation of 17-35). Prepare a set of summarized journal entries for all April transactions affecting Work in ProcessAssembly. Set up a T-account for Work in ProcessAssembly and...

The arrival time and CPU minutes needed for job 1, 2, and 3 are shown in the Table 1. Their I/O wait are all 50 percent. For the following questions, please circle the correct answer from the...

Question 1 Your finance text book sold 50,000 copies in its first year. The publishing company expects the sales to grow at a rate of 15.0 percent for the next three years, and by 6.0 percent in the...

see attached Homework: Section 5.2 HW Save Score: 0 of 2 pts 16 of 21 ( 15 complete) HW Score: 57.5%, 23 of 40 pts Instructor-created question Question Help A pharmaceutical company receives large...