Deck30 Flashcards
When commercial substance is lacking, gains are recognized in proportion to the amount of:
Cash received
A party that a partner in the transaction can significantly influence the transaction or event is a:
Related Party
Equipment used for Research and Development (R&D) that will have future economic uses should be (a)Expensed (b) Capitalized and Depreciated
(b)Capitalized and Depreciated
When are R&D costs expensed?
As Incurred
If Revenues from transactions amount to _____% or more from a single customer, that fact should be disclosed along with the Revenues from that customer.
10
Which types of entities are required to report on business segments?
Publicly Traded Entities
Non-governmental Not-for-profits use accrual accounting and report their financial statements on an _____________________.
Economic Resources Measurement Focus
The term “____ ____” is used rather than Retained Earnings by Not-for-profits.
Net Assets
What are the three statements required for Not-For-Profit organizations?
Statement of Financial Position (B.S), Statement of Activities, and Statement of Cash Flows
A cash contribution from a Nongovernmental Not for Profit should be recorded on the Cash Flow Statement under________ Activities.
Operating
Not for Profit entities value debt securities at:
Fair Value
What are the 3 types of Assets for Not For Profit?
(1) Unrestricted Net Assets, (2)Temporarily Restricted Net Assets and (3)Permanently Restricted Net Assets
Which are ongoing fees for a Not-for-Profit Hospital?(a)Room and Board fees from Patients (b)Recovery Room fees (c) Both
(c)Both
What is the paramount objective of financial reporting by state and local entities?
Accountability
GASB uses the term “____ _____” as opposed to “Net Assets”.
Net Position
