Questions from Advanced Accounting


Q: On January 1, 2015, a new Board of Directors was

On January 1, 2015, a new Board of Directors was elected for Bradley Hospital. The new board switched to a different accountant. After reviewing the hospital’s books, the accountant...

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Q: A partial statement of financial position of Century University is shown below

A partial statement of financial position of Century University is shown below. Century University Partial Statement of Financial Position June 30, 2014 Assets Current Funds Unrestricted Cash â...

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Q: The following transactions of Beltville College transpired during 2015. The funds

The following transactions of Beltville College transpired during 2015. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund Invest...

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Q: Several independent financial activities of a governmental unit are given below.

Several independent financial activities of a governmental unit are given below. 1. Revenue from the sale of licenses and permits for the first two months totaled $15,000. 2. Land that had been donate...

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Q: Preston Library, a nonprofit organization, presented the following statement of

Preston Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its fiscal year ended February 28, 2014. The following transacti...

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Q: The December 31, 2015, statement of financial position for the

The December 31, 2015, statement of financial position for the Blood Donors of America Foundation is presented below. Statement of Financial Position December 31, 2015 Assets Cash â€&brvba...

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Q: Three funds of the Leukemia Foundation, a nonprofit welfare organization,

Three funds of the Leukemia Foundation, a nonprofit welfare organization, began an investment pool on January 1, 2016. The costs and fair market values on this date were as follows: During 2016 the...

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Q: British Petroleum’s income statement was prepared using IFRS is presented below (

British Petroleum’s income statement was prepared using IFRS is presented below (in $ millions). ExxonMobil Corporation’s income statement prepared using U.S. GA...

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Q: Is a debt restructuring always classified as a troubled debt restructuring if

Is a debt restructuring always classified as a troubled debt restructuring if the entity is experiencing some financial difficulties? Explain.

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Q: The first two lines of Unilever Group’s 2013 consolidated income statement (

The first two lines of Unilever Group’s 2013 consolidated income statement (using IFRS) report the following amounts (in millions of euros): Required: A. On the income statement, t...

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