Day 28 Flashcards
1
Q
How is donated services recorded for a NFP?
A
Should be recorded as a contribution and an expense of the services donated are a part of normal program or services that would be otherwise performed by salaried personnel
MCQ-01321
2
Q
An adjustment for a PY amortization understatement is reflected where?
A
Prior Period adjustment is reflected in beginning Retained Earnings
NOT Income
MCQ-06959
3
Q
Market Ceiling (Net Realizable Value)
A
= Selling Price - Cost to Complete
MCQ-08591
4
Q
When are Bonds classified as trading securities?
A
If they are expected to be sold in the near future
Must be reported at Fair Value
MCQ-07223
