Professional accountants DO NOT contribute for: Mismanagement of resources in both the private and public sectors Assist governments in achieving their economic and social objectives Support and sustain non-profit organizations Growth of individual companies Mohammed is the auditor of GOod LUck ConstructIOns Company, He wants to e

Professional accountants DO NOT contribute for: Mismanagement of resources in both the private and public sectors Assist governments in achieving their economic and social objectives Support and sustain non-profit organizations Growth of individual companies Mohammed is the auditor of GOod LUck ConstructIOns Company, He wants to e

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter23: Exempt Entities

Section: Chapter Questions

Problem 1BCRQ

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Q17 Statement I: A company is accountable to the society since it makes use of community-owned resources and other infrastructural facilities and enjoys concessions provided by state from tax-payers money.Statement II: The best way of social responsibility reporting is to prepare a value-added statement, which shows the income earned by all the stakeholders (staff, community & public) a. Both the statement are true b. Both the statements are false c. Only Statement I is true d. Only statement II is true
1. The traditional business model of accountingis inadequate for governments and not-for-profitorganizations primarily because businesses differ fromgovernments and not-for-profit organizations in thata. They have different missionsb. They have fewer assetsc. Their assets are intangibled. Taxes are a major expenditure of businesses3. The primary objective of a not-for-profit organizationor a government is toa. Maximize revenuesb. Minimize expendituresc. Provide services to constituentsd. All of the above4. In governments, in contrast to businesses,a. Expenditures are driven mainly by the ability of theentity to raise revenuesb. The amount of revenues collected is a signal of thedemand for servicesc. There may not be a direct relationship between revenuesraised and the demand for the entity’s servicesd. The amount of expenditures is independent of theamount of revenues collected5. The organization responsible for setting accountingstandards for state and local governments is thea.…
1.The IASB sets standards for: a. The private sector b. The public and private sectors c.The public, private and not-for-profit sector d. The private and not-for-profit sector 2. Which of these is not one of the benefits of a Conceptual framework? a. Reporting requirements will be more Consistent and logical b. It may allow firms to reduce their reported profit c. The need for specific accounting standards should be reduced d. Standard setting boards will be more accountable for their actions
Which of the following statements is/are true? i. Information is the raw material for data processing. ii. External sources of information include an organization's financial accounting records. III. The main objective of a non-profit making organization is usually to provide goods and services. I and III only I, II, and III II and III only III only
03-__________has a long-run self-interest where the organization accomplishes activities for the betterment of society to be profitable in the future. a. Corporate responsibility for economic growth b. None of the options c. Corporate ethical responsibility d. Corporate social responsibility
17. When a business engages in corporate social responsibility, it hopes to engender greater goodwill among its various stakeholders. a. How are these expenditures accounted for? b. If the resulting goodwill was capitalized under GAAP, do you believe that acts of corporate social responsibility would increase? (Book: Ethics in Accounting, A Decision Making Approach Author: Gordon Klein CHAPTER 7)
Which of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs plz do fast as soon as possible
Explain how performance might be measured in Non-profit making Organisations. 1b. Explain the objective of the value for money and his application to a Non-profit making Organisation.
aims to identify, record, and communicate information about business activities. It helps assess opportunities, products, investments, and social and community responsibilities. Users of accounting are both internal and external. Some users and uses of accounting include (a) managers in controlling, monitoring, and planning; (b) lenders for measuring the risk and return of loans; (c) shareholders for assessing the return and risk of stock; and (d) employees for judging employment opportunities. Opportunities in accounting include financial, managerial, and tax accounting. Csuterstack/Fory burrow OGlow Asia/Saperstock 130s :00/ 0:58 1x CC Knowledge Check 01 Match the term and the definition. Definition The recording of transactions and events only, either manually or electronically. An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.
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Human Resource Accounting (HRA) plays an important role in picking up theoverall value of an organization, unfortunately, a majority of the Indian organizations are neglecting this issue. If HRA is also considered as one of the individual valuationelements which deserve more importance and consideration, the value of the organizationwill be more than what is depicted by the traditional financial statement. Whatneeded ismeasurement ofabilities of all employees ina company, at every level, to producevalue from their knowledge and capability. “Human Resource Accounting (HRA) isbasically an information system that tells management what changes are occurring overtime to the human resources of the business. Keeping the discussion in mind explain different ways of computing HRA and benefits of HRA.
e 1:E1 OMANTEL Practice (page 5 . ... moodle.nct.edu.om P Flag question Timely payment of taxes comes under objective of financial managment a. Social Objectives b. Research Objectives c. None d. Basic objectives e. Operational Objectives العربية الإنجليزية