edonated services be recorded?
Q: Define each service rendered Financial accounting service rendered Managerial accounting service…
A: Services rendered are the services that a company completes for the client or customer prior to…
Q: The Financial Accounting Standards Board (FASB) is the organization in charge of establishing…
A: The Answer :
Q: Regarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for…
A: Not-for-profit bookkeeping alludes to the remarkable arrangement of recordation and detailing that…
Q: d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is…
A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…
Q: colleges use: nomic resources measurement focus. ent resources focus. ified accrual accounting…
A: Public colleges are those colleges which usually reported as the special purpose entities those who…
Q: Under what conditions does a not-for-profit entity record donated services?
A: For a not for entity, donated services are a good part of revenue for not for profit entities.…
Q: Define the term “social capital.” Discuss the concept of social capital as it relates to the purpose…
A: Answer: Positive product of human activity is considered as a social capital. The beneficial impact…
Q: fill in the blanks Revenues are monies an organization received in exchange for ________ and…
A: SOLUTION REVENUE = PRICE OF GOODS & SERVICES * NO OF UNITS SOLD OR NO OF CUSTOMERS.
Q: , is best defined as An asset account An account showing the benefits to be paid to the employee An…
A: Benefits payable refer to the additional perks that are paid to employees, in addition to their…
Q: “Income and Expenditure Account of a Not-for-Profit Organisation is akinto Profit and Loss Account…
A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…
Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…
A: Not-for profit organisation is an organisation which have separate legal entity from its members and…
Q: GAAP provides rules for entities to follow when preparing financial statements which assist…
A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…
Q: Financial reporting depends on the needs of external users of the information reported. Who are the…
A: Financial reporting is done and provided by all types of companies irrespective of the industry in…
Q: 2. A non profit financial institutien owned by members.
A: A financial institution (FI) is a company engaged in the business of dealing with financial…
Q: External users of fi nancial accounting information includeall of the following except:a. Investors.…
A: External Users: The external users are the users of the information who are outside the…
Q: Which of the following statements is/are true? i. Information is the raw material for data…
A: Financial accounting records includes the financial data of a company for a required accounting…
Q: What is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales…
A: Non-profit organization: It can be defined as a type of business entity that runs for a social cause…
Q: Accounting purpose of Governmental and not-for-profit organizations are different from business…
A: The main motive of business organizations is to earn maximum profit by selling the goods &…
Q: Providing information to internal users for decision making is the purpose of which of the…
A: Internal users are those persons who are inside the company and make direct decisions for the…
Q: What does Financing mean? What is involved in an organization's finances? What does financing…
A: The process of obtaining cash or capital for any type of spending is known as finance. The handling…
Q: Use the Annual Report of the organization you have selected to: a. Identify the financial statements…
A: A. After examination of the financial statements of American Red cross Society it was found that the…
Q: In community what are the examples of decisions or questions that can be supported by accounting…
A: Ans. Accounting information helps in decision making in many ways. Some of them are discussed as…
Q: In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by…
A: All the Non profit organizations in the USA are required to express their expenses based on their…
Q: PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.Owners (present…
A: Accounting serves the purpose of rendering the required information to different users of financial…
Q: State the meaning of ‘Not- for- Profit’ Organisations.
A: Not for profit organisations are also known as non business entity. These organisations are not…
Q: scribe the reporting of Board Designated resources.
A: Board-designated funds refer to those funds or assets which are restrictions free from the donor's…
Q: what accounting principles are best for nonprofit sport business entity to monitor its financial…
A: Accounting principle: These are the guidelines which are to be applied while preparing the…
Q: The accompanying chart shows the qualitative characteristics of useful accounting information. Fill…
A: The usefulness of Accounting Information: Accounting information is used by various entities such as…
Q: A voluntary health and welfare entity produces a statement of functional expenses. What is the…
A: Not for profit organizations: The business entities whose motive of business is not to reap economic…
Q: A nonprofit hospitals revenues and expenses are reported on its statement of activities TRUE or…
A: Non-profit organisation , here in the question hospitals , are the organisation which are not driven…
Q: Which of the pairings below related to measurement focus and basis of accounting is correct for the…
A: Solution Nonprofit entities measurement focus is economic resources. Nonprofit entities missions…
Q: Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of…
A: Agencies reporting enterprise funds (a type of proprietary fund) or using enterprise fund accounting…
Q: What are the needed qualities for individuals in charge of governance in a charity organization? Use…
A: There are different forms of organizations, such as sole proprietorship concerns, partnership firms,…
Q: efine Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit…
A: Not-for-profit organization: An organization in which no owner, stockholder, or trustee shares in…
Q: Required: a. Calculate the effect on Lakeside's operating income of accepting the order from the…
A: Fixed overheads refer to the cost that remains fixed but cannot be allocated to the services or…
Q: he entry is most likely to be used in recording the payment is
A: Answer
Q: Explain the usefulness of Financial statement information to the following stakeholders: Financial…
A: Financial statements means statements that are prepared at the end of the period to analyse and…
Q: Please give an overall description about Revenue Recognition for service company( Like Educational…
A: Service Revenue - Service Revenue is the revenue earned by the organization by rendering service to…
Q: A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity…
A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company. The…
Q: 5. Which of the pairings below related to measurement focus and basis of accounting IS correct for…
A: Nonprofit entities are those entities which are established not for the purpose of profit but for…
Q: External user group, often referred to as financial intermediaries. What does these users provides?
A: Financial intermediaries: A financial Intermediary typically serves as a linkage between the person…
Q: QUESTION 1 Explain the following terms. Include the definition, how they are calculated, treated in…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…
A: Not for Profit Organization is a form of business in which the motive is not to earn profits but…
Topic: Accounting For Non-Profit Organization
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- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.George H. Ruth takes a leave of absence from his job to work full time for a voluntary health and welfare entity for six months. Ruth fills the position of finance director, a position that normally pays $88,000 per year. Ruth accepts no remuneration for his work. How should this donated service be recorded? Choose the correct.a. As contributed support of $44,000 and an expense of $44,000.b. As earned revenue of $44,000.c. As an expense of $44,000.d. No entries should be made.
- Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited? Answer: A. Asset B. Liability C. Revenue D. ExpenseGeorge H. Ruth takes a leave of absence from his job to work full time for a voluntary health and welfare entity for six months. Ruth fills the position of finance director, a position that normally pays $88,000 per year. Ruth accepts no remuneration for his work. How should this donated service be recorded? As contributed support of $44,000 and an expense of $44,000. As earned revenue of $44,000. As an expense of $44,000. No entries should be made.6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54
- A non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000Jewel Jones is an employee for a local accounting firm. She received the following benefits for the year: . Medical Insurance $516.23 per month . Commuter pass: $630.00 per year Employer-paid membership to Planet Global Fitness: $205 Dependent care assistance: $4,000 per year . . What is the total taxable amount for Jewel's benefits? $4.775.00 $575.00 $375.00Following emoluments are received by Ms Sangeeta during the previous year ended on31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund. She has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.
- Mr. Wu was a marketing manager. He received an annual salary totaling $848,000 and was provided with a rent--free flat by his employer during the year ended 31 March 2023. He paid an annual membership fee of $1,600 to the Institute of Marketing in December 2022 and donated cash of $1,000 to the Community Chest in March 2023. He contributed $31, 500 to an MPF scheme (Assume voluntary contribution, if any, are not paid into a TVC account). His wife died three years ago. He has to maintain a son aged 15 and his two parents, both of whom are aged over 60. His parents resided with him throughout the year ended 31 March 2023. The salaries tax liability of Mr. Wu for the year of assessment 2022/23 is:Direction: Read and understand the problems below. Write your solutions and answers at the back of this page or in a separate sheet of paper. 1. Jessa is a government employee with an annual gross income of P476,164 which includes her basic monthly salary of P36,628 and 13th month pay. She is a widow and has no dependents. She has an annual mandatory contribution of P 47,351 (GSIS, PhilHealth, and Pag-Ibig). What are the important information that you need to consider in computing for the tax due? How much is her annual income tax due?QOn February 15th, Jody had $17,000 in her RRSP. On that same day, she made a contribution of $6,500, increasing the total to $23,500. On March 1st, the RRSP was credited with $1,500 in earnings, increasing the RRSP balance to $25,000. On March 15th, Jody went to the bank to withdraw RRSP funds to help her purchase her first home. Considering that Jody wants to deduct her February contribution, what is the maximum eligible amount she can withdraw from her RRSP under the Home Buyers’ Plan?
