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2 years ago

The basis of accounting used by not-for-profit organizations in their external financial reports is

Business

1 answer:

beks73 [17]2 years ago

3 0

Answer:

The correct answer here is A) industry specific basis of accounting.

Explanation:

The term nonprofit accounting means a unique way of recording and reporting the business transactions which are taken up by the nonprofit organizations. There are various basis of accounting, which a non for profit organization can use like cash basis ( where income and expenses are recognized when they occurred , and this type of accounting is more suitable for smaller nonprofits organizations ) , accrual basis ( where income and expenses are recorded when they are earned not received ) , modified cash basis ( is a mixture of both cash and accrual basis of accounting ). But when a not for profit organization is preparing their external financial report, the basis of accounting would be industry specific.

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The problem of preventing managers from acting in their own best interests and instead acting in the best interests of the stock

Mumz [18]

Answer:

The correct answer is letter "A": Agency Problem.

Explanation:

An Agency Problem occurs when a conflict of interest arises for an agent, a person acting on behalf of another person. The conflict of interest arises when the agent's own interests are different from those of the principal or the person being acted for. In the corporate world, the Chief Executive Officer (CEO) is an agent acting for the owners of the company: the stockholders.

5 0

2 years ago

Home Value Inc., Max Cart Inc., and Nice Necessities Inc. are three consumer-product retailing companies. Their products consist

ruslelena [56]

Answer:

D. Any advantage that one firm has will be short-lived.

Explanation:

With the three firms all producing the same product with similar resources in their production and distribution of their products, any advantage that a firm has over the others if any would not last long at all. This is because each firm is using similar technique in the same location. Hence, there's nothing special about one of the firms over the others.

8 0

3 years ago

Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, an

trapecia [35]

Answer:

cash 20,000,000 debit

unearned revenue 20,000,000 credit

Explanation:

Record the advance collection of $20 million for iTunes gift card.

When a gift card is sold, Apple Inc assume the obligation of latter provide iTunes in the near future or do cash reimbursement therefore; this isn't revenue. It is a liability. Apple will generate revenue when the gift ard are redeem not at sale.

7 0

3 years ago

On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year li

Dimas [21]

Answer:

$3150

Explanation:

Given:

Cost of the asset purchased = $87500 (on 1st October. 2022)

Salvage value at the end of its useful life = $24500

Useful life estimated = 5 years

Question asked:

What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

Solution:

As we know:

$Straight-Line\ Depreciation\ Expense=\frac{Cost\ - Salvage\ Value}{Useful\ Life\ of\ the\ Asset}$

$=\frac{87500-24500}{5} =\frac{63000}{5} =12600$

Depreciation expenses per year = $12600

But we have to find depreciation expenses for 2022 for:-

From 1st October, 2022 to 31st December, 2022 = 3 months.

Straight-Line Depreciation Expense for Partial Year = 

 $D\times\frac{N}{12} \\\\ D=Depreciation\ expense\ for\ a\ complete\ year.\\N= Number\ of\ months\ during\ which\ the\ fixed\ asset\ was\ available\ for\ use$

Depreciation Expense for 3 months = $12600\times\frac{3}{12} =\frac{37800}{12} =3150$

Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.

5 0

3 years ago

How can I start my own home base business

nydimaria [60]

You can contact a spokesman who will be able to assist you.
It is essential to have a budget that you can spent on your company.
Depending on what business you'll take part of, make sure it's advertised to the public (i.e flyer, ad)
In order to make your business the limelight, you can ask people that can be employed to your Corp. that way your business can be known by many people.
Keep your budget obtained, and don't spent to much money on your business.
You should avoid taking risks or your business can become a flop.

Good luck !! :)

6 0

3 years ago