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3 years ago

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

Business

1 answer:

beks73 [17]3 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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A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The ann

Rashid [163]

Answer:

$353.05

Explanation:

To calculate this, the loan amortization formula is employed as follwow:

P = {A × [r(1 + r)^n]} ÷ {[(1+r)^n]-1} .................................... (1)

Where,

P = Monthly required payment = ?

A = Loan amount = $7,500

r = monthly interest rate = (0.12 ÷ 12) = 0.01

n = number of payment period = 24 months

Substituting all the figures into equation (1), we have:

P = {7,500 × [0.01(1 + 0.01)^24]} ÷ {[(1 + 0.01)^24]-1} = $353.05

Therefore, the amount of monthly payments is $353.05.

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3 years ago

4. Which of the following is a liability?

zlopas [31]

Answer:

Maybe C.

Explanation:

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3 years ago

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Naddika [18.5K]

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3 years ago

The following information is available for Dakota Company: Product 1 Product 2 Sales $1,400,000 $1,800,000 Direct materials (200

xeze [42]

Answer:

$380,000

Explanation:

Particulars Product 1 (Amount)

Sales $1,400,000

(-) Direct materials ($200,000)

(-) Direct labor ($600,000)

(-) Manufacturing overhead

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Product line level ($600,000*10/50) ($120,000)

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3 years ago

when perfectly competitive firm X sells three units of product Z, its marginal revenue is $4.67. when it sells one hundred units

Ghella [55]

Answer:

B) $4.67

Explanation:

By definition marginal revenue is the revenue generated by the sale of one more unit of product Z.

Marginal revenue = unit price

Since firm X participates in a perfectly competitive market, it is a price taker, and since the marginal revenue is constant, we can assume that this is the equilibrium price of product Z.

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3 years ago