Governmental and Nonprofit Accounting March 2014 - CPA EXAM Quiz – Answers and Explanations [1] Net assets is an element of the financial statements of not-for-profit entities (NFPs). It A. Net assets equal the residual interest in the assets of an entity that remains after subtracting its liabilities. For a business enterprise‚ equity (the ownership interest) is the analogue of net assets. In an NFP‚ which has no ownership interest in the same sense as a business enterprise‚ the net assets
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reporting issues a. Should Lighthouse recognize revenue for the sale of the equipment at the moment of sale? b. Should Lighthouse recognize revenue from the service provided separately from the sale of the equipment? c. Should the revenue for sale of the device and sale of the service be recognized differently when there is a Multiple-Element Arrangement? III. Authoritative basis for the alternatives to the financial reporting issues 605 - Revenue Recognition 10 - Overall 05 - Overview and
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low reliability in part by requiring end-of-period oil and gas prices to be used (rather than prices anticipated when the reserves are expected to be sold)‚ management may feel that end-of-year prices bear little relationship to the actual net revenue the company will receive in the future. Furthermore‚ management may be concerned about low reliability of other estimates‚ such as reserve quantities. • Frequent changes in estimates. Conditions in the oil and gas market can change rapidly‚ making
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Joan Holtz (D)* 1. 2010 late-night talk show indicated the existence of an unclaimed municipal bond issued in 1883 by a town in Missouri. The bond was $100 with an interest rate on 10%. At a compound interest‚ what would be the bonds value in 2010. 2. (a) Joan read that a company issued eight-year‚ zero-coupon bonds at a price of 327 per 1‚000 par value. The question asked‚ was the yield on these bonds 15 percent‚ as Joan had calculated. Yes! (b) Assuming that bond discount amortization
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15-25 6A Identify point of revenue and expense recognition. Moderate 15-20 7A Calculate revenue at various points of recognition. Moderate 20-30 8A Calculate revenue‚ expense‚ and gross profit – percentage-of-completion and zero profit methods. Moderate 15-25 9A Revise revenue‚ expense‚ and gross profit – percentage-of-completion. Complex 15-25 10A Calculate revenue‚ expense‚ and gross profit – percentage-of-completion method. Moderate 20-30 11A Revenue recognition
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Economics of multiplexes in India : A study of the PVR group(2009-11) The revenue generation techniques of the cinema halls have been one of the least explored areas of the communication studies. This essay is an attempt to look at the revenue generation strategies of the PVR Group‚ specifically‚ two halls‚ PVR Plaza and PVR Rivoli‚ located at Connaught Place‚ New Delhi. The financial year 2008-09‚ that is in focus here for the purpose of study‚ was marked as a particularly slow year for the Indian
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expenses and revenue Deferred expenses and revenue Accounting for supplies Accounting for depreciation Accrued revenue Unearned revenue Accrued salaries Accrued interest Accrued taxes Concept of materiality Skills Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Judgment‚ communication‚ analysis Exercises 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 Topic Accounting terminology Effects of adjusting entries Deferred expenses and revenue Deferred
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Earned Revenue *Earned revenue* is *revenue* created by the business operations of the facility. Sources that contribute to museums’ earned revenue include admissions‚ gift shops‚ food and beverage sales‚ memberships‚ facility rentals‚ and fees for research services. Essentially‚ any product or service that is offered by the museum and generates income is considered earned income. *Unearned revenue* is money that is not generated by the business operations of the facility‚ but is provided
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Analysis of case 1.4 Sunbeam: The Revenue Recognition Principle 1. Company history ← In April 1996‚ Sunbeam appointed Albert Dunlap as its CEO and chairman. ← Immediately‚ the CEO began replacing nearly all of the upper management team and led the company into aggressive corporate restructuring. ← As at end of March 1997‚ the company arranged special sales contract with the wholesaler provided that the wholesaler could return all of the merchandise‚ with Sunbeam
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proportional to the revenue intake. Data provided Estimated changes January February March January February March Revenue hours Commercial 123 135 138 86 95 97 30% drop in sales Total revenue hours 329 316 361 292 276 320 Available hours 175 188 167 212 228 208 idle time increased Total hours 536 536 568 536 536 568 Remain constant Revenues: Commercial Sales: Computer use 98‚400 108‚000 110‚400 86‚100 94‚500 96‚600 Revenue under new
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