Advanced Governmental and NFP Accounting Assignment Questions
Are you stuck up with Advanced Governmental and NFP Accounting Assignment and want to get Assignment Answers at an affordable price? Assignmenthelpaus.com provides Online Financial Accounting Assignment Help. We are a brand that is confident to provide quality MBA Assignment Help to students.
Assignment Details:-
- Number of Words: 2000
1. GASB and FASB standards are concerned only with external financial reporting whereas FASAB standards are concerned with both internal and external financial reporting. Do you agree with this statement? Why or why not?
2. In March 2014, a local not-for-profit organization received a pledge from a donor for $10,000; the donor promised to pay the money to the organization in September 2014, to be used in providing reading programs for underprivileged children. The donor gave money to the organization in September 2014, and it was spent for reading programs in the first half of When should the revenue associated with this contribution be recognized?
3. ABC city established an internal service fund for its data processing activities on July 1, During the fiscal year ended June 30, 2014, the following transactions and events occurred:
- On July 1, 2013, the city council authorized the general fund to contribute $1,000,000 to help establish the internal service fund on July 20, 2013.
- The internal service fund spent $900,000 of the contribution to acquire a mainframe computer on July 25, 2013.
- During the year ended June 30, 2014, the internal service billed other funds of the city $300,000 for use of the computer. By year end, all of the billings were collected except for $30,000.
Required:
Prepare all journal entries that would be recorded by ABC city’s internal service fund for the
year ended June 30, 2014. Explanations for journal entries are not necessary.
For REF… Use: #getanswers2001914