Quiz Non Profits Name_____________________________________________ 1. FASB require the balance sheets of not-for-profits to display a) Net assets in four separate categories—unrestricted‚ temporarily restricted‚ permanently restricted‚ and restricted by creditors. b) Three separate funds—unrestricted‚ temporarily restricted‚ and permanently restricted net assets. c) Six totals—total assets‚ total liabilities‚ total net assets‚ total unrestricted net assets‚ total temporarily
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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ACCOUNTING CONCEPTS What are the Account Concepts? In order to maintain uniformity and consistency in preparing and maintaining books of accounts‚ Certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. “Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts
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the sale to Haika was $490‚000. The machine had an estimated remaining useful life of seven years on the date of the intercorporate sale. * At December 31‚ 20X5‚ Haika had goods in its inventories that had been purchased from Selina at $60‚000 profit to Selina. During 20X6‚ Haika purchased
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ACC206: Principles of Accounting II Final Paper Instructor: Emmett Denham March 25‚ 2013 ABC Company could reach $3 million in annual sales within 3 years if the company used shingle scrap material to build cedar dollhouses. The new product would add additional costs but would project an aggressive growth in revenue for the company. In the following reports I will show you how beneficial the cedar dollhouses would be to ABC Company. [ABC Company] | Cash Flow Satement | | | | Date:
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relevance and reliability. Most of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute
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Chapter 2—The External Environment: Opportunities‚ Threats‚ Industry Competition‚ and Competitor Analysis TRUE/FALSE 1. The health-related concerns in the general environment facing Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively
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World War Two did not change the way Australians lived completely‚ but it caused significant changes in many aspects of life‚ such as women’s independence‚ Australia’s multiculturalism and Australia’s foreign affairs. Women were able to go out into the workforce‚ Australia’s population increased greatly with a lot of ethnically diverse families formed and relationships with countries such as the United States were created. During World War Two‚ husbands‚ fathers‚ sons and brothers were called upon
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love– /…Revenge his foul and most unnatural murder” (I.v.22-25). The ghost of Hamlet’s dead father had just told Hamlet that he is burning in purgatory‚ and had been murdered by Claudius. Now‚ Hamlet wanted to kill Claudius for murdering his father; however‚ instead of swiftly taking action like other young men such as Fortinbras and Laertes did‚ Hamlet hesitates time and time again. He plans‚ schemes‚ and allows his emotions to build up‚ but does not actually take action when the opportunity arises.
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is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the most important? Explain why. The four basic financial statements are the balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. The balance sheet shows what it owes and owns. Income statement shows how the company did during a period of time both revenues and expenses. Statement of retained earnings indicates how much previous income was
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