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
For a Government unit, what does Output measure?
The accomplishments or results that occur because of the services provided.
When are Enterprise Funds used?
When services are provided to the general public for a charge.
The orientation of accounting and reporting for all proprietary funds of governmental units is:
Income Determination
The General Fund uses the _______ accrual basis of Accounting.
Modified
The enterprise fund uses the _______ basis of Accounting.
Accrual
______________ occur within a given fiscal period and are not carried over into another period.
Expenditures - the Expenditures account is closed at the end of the fiscal year.
