Questions from Advanced Accounting

Q: What is the relationship (if any) between board designated funds

What is the relationship (if any) between board designated funds and nonmandatory transfers?

Q: The donated services of volunteer workers on fund-raising campaigns are

The donated services of volunteer workers on fund-raising campaigns are usually not given accounting recognition. Why?

Q: Explain why a firm is exposed to an added risk when it

Explain why a firm is exposed to an added risk when it enters into a transaction that is to be settled in a foreign currency.

Q: How should a transaction gain or loss be reported that is related

How should a transaction gain or loss be reported that is related to an unsettled receivable recorded when the firm’s inventory was exported?

Q: A resident of a continuing-care retirement community pays an advance

A resident of a continuing-care retirement community pays an advance fee in return for future services and the use of facilities. Such services include continuing- care retirement community housing-re...

Q: How does the Codification define a highly inflationary country?

How does the Codification define a highly inflationary country?

Q: Is a firm required to reconcile net income and net cash flows

Is a firm required to reconcile net income and net cash flows from operating activities if the direct format is used to present the statement of cash flows?

Q: Is a company that prepares financial statements in U.S.

Is a company that prepares financial statements in U.S. dollars required to disclose supplementary information on the effects of changing prices?

Q: The rules providing guidance on using the current rate in foreign currency

The rules providing guidance on using the current rate in foreign currency translation can be found in FASB Statement No. 52, paragraph 12. Where is this information located in the Codification? List...

Q: The International Federation of Accountants’ web address is www.ifac.

The International Federation of Accountants’ web address is www.ifac.org. On this page is a section labeled “media center.” Next, choose “articles.” Choose one of the items on this page and write a br...