Questions from Advanced Accounting

Q: What financial statements are required for private not-for-profit

What financial statements are required for private not-for-profit colleges and universities?

Q: What are temporarily restricted net assets?

What are temporarily restricted net assets?

Q: The parent company acquires all of a subsidiary’s common stock but only

The parent company acquires all of a subsidiary’s common stock but only 70 percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrear...

Q: Which of the following is not correct with regard to the Public

Which of the following is not correct with regard to the Public Company Accounting Oversight Board? a. The board can expel a registered auditing firm without SEC approval. b. All registered auditing f...

Q: What are permanently restricted net assets?

What are permanently restricted net assets?

Q: In reporting the functional expenses of a not-for-profit

In reporting the functional expenses of a not-for-profit entity, what are the two general types of expenses?

Q: What ratio is frequently used to assess the efficiency of not-

What ratio is frequently used to assess the efficiency of not-for-profit entities?

Q: Why is a statement of functional expenses required of a voluntary health

Why is a statement of functional expenses required of a voluntary health and welfare entity?

Q: A donor gives a gift to a charity that must be conveyed

A donor gives a gift to a charity that must be conveyed to a separate beneficiary. What is the normal method of reporting for each party?

Q: A donor gives a gift to a charity that is to be

A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the method of reporting for each party if the donor retains the right to revoke or redirect use of the gift?...