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Which of the pairings below related to measurement focus and basis of accounting is correct for the financial statements of nonprofit entities? Measurement focus Basis
- Which of the pairings below related to measurement focus and basis of accounting is correct for the financial statements of nonprofit entities?
Measurement focus Basis of accounting
- Economic resources Accrual
- Financial resources Accrual
- Economic resources Modified accrual
- Financial resources Modified accrual
- Which of the following service contributions would enhance a nonfinancial asset?
- A roofing company made repairs to the shingle roof of a nonprofits administration building and did not charge for their labor cost.
- A heating and air conditioning company did major repair work on a nonprofits heating and air conditioning system and did not charge the nonprofit for their labor cost. The repairs are expected to increase the remaining useful life of the nonprofits heating and air conditioning system.
- A and B.
- Neither A nor B.
- For nonprofit entities, reclassifications from net assets with donor restrictions to net assets without donor restrictions are reported on the statement of activities when
- Time restrictions expire.
- Purpose restrictions are satisfied.
- A and B.
- Neither A nor B.
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