Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 1, Problem 19.5EP
To determine
Identify the statement that explains the concept of inter period equity.
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Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided.
True or False
Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________.
A.
short−term
investments
B.
fixed assets
C.
long−term
liabilities
D.
current liabilities
a. What net amount should be reported as OCI for the current year?b. What amount should be reported as comprehensive income for the current year?
Chapter 1 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
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- Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principlearrow_forwardMoney received from customers for products to be delivered in the future is recorded as: C . revenue and a liability.arrow_forwardUse the Income Statement worksheet below to answer: Which of the following items on the Income Statement connects to the same year’s Balance Sheet? Question 3 options: Liability Insurance Net Income EBT Gross Profit EBTDAarrow_forward
- can refer to a company's remaining revenues after paying all expenses and taxes. Select one: a. Income b. Revenue C. Assets and Liabilities d. Taxarrow_forwardWhich of the following principles matches expenses with associated revenues in the period in which the revenues were generated? Group of answer choices 1.revenue recognition principle 2.expense recognition (matching) principle 3.cost principle 4.full disclosure principlearrow_forwardPlease answer in good accounting form thankyou 9. What net amount should be reported as OCI for the current year? 10. What amount should be reported as comprehensive income for the current year?arrow_forward
- It is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginningarrow_forwardRetained earnings, as a form of equityfinancing, area. gross earnings.b. profits before taxes.c. profits after taxes.d. undistributed profits.e. total owners’ equityarrow_forwarddebt service ratio measures? A. Profitability of the business B. The impact of debt funding to equity holders C. Ability of the company to pay interest and principal on the due dates D. Tax saved due to borrowingarrow_forward
- How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft.…arrow_forwardThe expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.arrow_forwarda. What is your company’s primary revenue, secondary revenue, and gains? b. What is your company’s primary expenses, secondary expenses, financial activity generated expenses, and losses? c. What is the revenue trend? Does the 10-K or 10-Q discuss primary revenues, as well as other revenue types? d. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends?arrow_forward
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