5. Which of the pairings below related to measurement focus and basis of accounting IScorrect for the financial statements of nonprofit entities?Measurement focusBasis of accountingEconomic resourcesFinancial resourcesEconomic resourcesFinancial resourcesA.AccrualB.AccrualC.Modified accrualD.Modified accrual

Nonprofit entities are those entities which are established not for the purpose of profit but for…

5. 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 A. Economic resources Financial resources Economic resources Financial resources Accrual B. Accrual C. Modified accrual D. Modified accrual

5. 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 A. Economic resources Financial resources Economic resources Financial resources Accrual B. Accrual C. Modified accrual D. Modified accrual

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 6MC

See similar textbooks

Similar questions

Which of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authorities
With regard to a qualitative characteristic of useful financial information, twofundamental qualitative characteristics. What are these two characteristics, andexplain the meaning of these characteristics, and provide practical example foreach of them?1. Fundamental qualitative characteristics (first one)2. practical example for the first one? 43. Fundamental qualitative characteristics (second one)4. practical example for the second one?
7. Setting accounting standards by the private sector isSelect one:a. Independent discipline approachb. Microeconomic approachc. Common law accountingd. Code law accounting
Which of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.
Differentiate between public sector and private sector as regard reporting financial statement.
Under current GAAP, most resources of a business entity are to be valued in its financial statements at a. a value that is most relevant to the needs of users of the financial statements b. histotical cost c. the current cost of replacing the resources d. current appraisal values
Objectives of general purpose financial reporting is to provide information about. a. The Government b. The people c. Financial condition in the economy d. The reporting entity
Multiple choice: The accrual basis of accounting is used to account for revenues and expenditures reported in the financial statements of: a. Governmental funds. b. Proprietary funds. c. Governmental activities at the government-wide level. d. Business-type activities at the government-wide level.
The financial performance og an entity is calculated by
Distinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assets
Choose the correct. Which of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.
The following are discussed in the primary financial statement project, except: aggregation and disaggregation O b. presentation of financial position O c. unusual item O d. presentation of income statement