Business, 05.05.2020 17:41, khristaviaaa
Identifying the Appropriate GAAP. (LO15-1, LO15-3) Section A lists a number of reporting requirements for colleges and universities. Section B lists the standard-setting body(ies) imposing the reporting requirements. Section A 1. Patents are classified as capital assets. 2. Sidewalks are classified as land improvements. 3. Revenues and expenses must be categorized as operating and nonoperating. 4. Tuition and fees must be shown net of any estimated uncollectible amounts. 5. Expenses must be reported by program and support (management and general, and fund-raising) function classifications. 6. Statement of cash flows must be prepared using the direct method. 7. The purchase of a building is reported as an investing activity on the statement of cash flows. 8. The receipt of student deposits for housing is reported as a liability, Deposits Held in Custody for Others. 9. The cash from a debt issuance is reported in the capital and related financing activities section on the statement of cash flows. 10. The collection of historical first editions can be reported as a note rather than on the face of the financial statement provided certain conditions are met. Section B a. FASB standards b. GASB standards c. FASB and GASB standards Required Using the choices provided in Section B identify whether the reporting requirement listed in Section A is a FASB standard, a GASB standard, or both a FASB and a GASB standard.
Answers: 2
Business, 22.06.2019 03:00, nyceastcoast
How does having a flexible mind you become a better employee? a. it you become more honest toward work. b. it you become a team player. c. it you learn new things that will better your performance. d. it you to finish your work on time. e. it you reach work on time
Answers: 1
Business, 22.06.2019 17:50, nuggetslices
On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?
Answers: 2
Business, 22.06.2019 20:00, adriannacomrosenbark
Modern firms increasingly rely on other firms to supply goods and services instead of doing these tasks themselves. this increased level of is leading to increased emphasis on management.
Answers: 2
Identifying the Appropriate GAAP. (LO15-1, LO15-3) Section A lists a number of reporting requirement...
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