What criteria must be met before donated services can be recorded as contribution revenue and an expense?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 35% (14 reviews)
To be recorded as contribution revenue and either an expense or asset a donated service must 1 crea...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
Question Posted:
Students also viewed these Accounting questions
-
What criteria must be met before a bill- and- hold contract may result in revenue recognition before delivery?
-
What criteria must be met before an NFP organization can record donated services? If the criteria are met, how should donated services be recorded? Give examples to support your answer.
-
What two criteria must be met before a loss contingency is reported in a companys financial statements?
-
The table lists the actual annual cost y to drive a midsize car 15,000 miles per year for selected years X. (a) Predict whether the correlation coefficient is positive, negative, or zero. (b) Find a...
-
The graph in Problem 11 depicts the market demand for 30-weight ball bearings. That particular market segment is monopolized by a single producer named Irwin. Referring to that graph: a. How do the...
-
Hypothetical balance sheets of Nike, Inc. are presented here. Instructions a. Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. b. Prepare a vertical analysis of...
-
Air flows steadily between two sections in a duct. At section (1), the temperature and pressure are \(T_{1}=80^{\circ} \mathrm{C}, p_{1}=301 \mathrm{kPa}(\mathrm{abs})\), and at section (2), the...
-
After numerous campus interviews, Greg Thorpe, a senior at Great Northern College, received two office interview invitations from the Baltimore offices of two large firms. Both firms offered to cover...
-
The company's consolidated statement of income is provided below: (in millions of dollars) Revenues Sales by company-operated restaurant stores Revenue from franchised stores Total revenues Years...
-
London Ltd. reported the following transactions and information regarding the shares of Dolma Corp: 15 October 20X2, purchased 3,000 shares at $ 42 per share plus $ 1,200 commission. 1 December...
-
Distinguish between program services expenses and supporting services expenses. Why is it important that NPOs report expenses for program services separately from those for supporting services?
-
What are special events? Give a few examples. Are special events conducted by the NPO reported differently on the statement of activities than special events conducted by an organization that is...
-
Balance each of the following chemical equations by inspection. (a) FeO(l) + Al(l) Al 2 O 3 (l) + Fe(l) (b) MnO 2 (l) + Al(l) Al 2 O 3 (l) + Mn(l).
-
s.Convert the given histograms to a cumulative distribution function by dividing each bar with n, sample size. Draw the cumulative distribution functions (Hint: Area under the curve is equal to 1 in...
-
July 12 Sold merchandise to Wally Butler, who paid the $1,060 purchase with cash. The goods cost Evergreen Company $630. July 15 Sold merchandise to Claudio's Chair Company at a selling price of...
-
Compute the cost of equity and WACC . THE ANSWERS THAT ARE ON THE TABEL ARE WRONG. PLEASE SHOW FORMULAS IF EXCEL IS USED. To find the cost of equity in Question #3, you should use the MM Proposition...
-
Sandia corporation is considering two mutually exclusive projects. For our purposes, we will call them projects A and B. Project A is expected to cost $54,655, and project B is expected to cost...
-
Explore the concept of memory management in low-level programming languages like C and C++, discussing techniques such as manual memory allocation, automatic memory management, and the use of smart...
-
What are the two different types of state chart/ state machine diagram in UML 2.0? (a) Single and Multi-stage state machines (b) Behavioral and protocol state machines (c) Class and component state...
-
The manager for retail customers, Katie White, wants to hear your opinion regarding one business offer she has received from an entrepreneur who is starting a mobile phone app called Easy Money. The...
-
In Problems 6372, discuss the validity of each statement. Venn diagrams may be helpful. If the statement is true, explain why. If not, give a counterexample. If A C B, then A' C B'.
-
Describe the format prescribed by the GASB for the government-wide statement of activities and how that format benefits financial statement users.
-
The city manager of University City is finalizing the budget proposal that must be submitted to the city council 60 days prior to the July 1 start of the next fiscal year, FY 20X2. An economic...
-
As noted in Appendix B to this chapter, most, if not all, state governments require public school districts to report financial and other data to the appropriate state agency so the state can report...
-
Discuss with examples about financial innovation& how it develops banking industry?
-
Elaborate with real world examples about different financial markets that contributed towards growth of financial sector?
-
The following statement of financial position is for the partnership of Able, Brown, and Crown at November 1, 2018. Assets Liabilities Cash $ 20,000 Accounts payable $ 50,000 Other assets 180,000...
Study smarter with the SolutionInn App