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Question 1 The equity section of a Not-for-Profit organizations balance sheet could be divided into up to four sections. List the sections and explain the
Question 1
The equity section of a Not-for-Profit organizations balance sheet could be divided into up to four sections. List the sections and explain the reason for each.
Question 2
In a formal business failure or restructuring situation a professional is involved. Name the professional in each of three such situations and describe their role.
Question 3
The following are transactions that are independent of each other:
- Florida University receives a collection of accounting books from a donor.
- Florida College receives a contribution to buy land and the land is bought in the same period.
- Florida Area Hospital receives a contribution to buy a building.
- Volunteers contribute about 300 hours per year to cook meals for the elderly.
- The estate of a retired Business professor makes a $5,000,000 endowment contribution to Algoma University.
How should the above transactions be accounted for assuming -
- The organization uses the deferral method for accounting for contributions.
- The organization uses the restricted fund method for accounting for contributions.
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