Answer:
revenue is recognized and determines how to account for it. Typically, revenue is recognized when a critical event has occurred, and the dollar amount is easily measurable to the company
Explanation:
examples:Sales Basis Method. With the sales basis revenue recognition methods, revenue is recorded at the time of sale.
Percentage of Completion Method
Completed Contract Method
Answer:
$88,450 should be included in the current assets section of Janson’s December 31, 2021, balance sheet
Explanation:
Current Assets: The current assets are those assets which are converted into cash within one year.
Examples - Accounts receivable, inventory, prepaid insurance, cash, etc.
The computation of the total current assets is shown below:
= Accounts receivable + Inventory + Prepaid insurance + Short term investment
= $14,000 + $40,000 + $3,650 + $30,800
= $88,450
The amount of prepaid insurance which is given in the question is for two years. We have to compute for one year so we divide the total amount by number of years
= $7,300 ÷ 2 years
= $3,650
Answer:
The correct answer is: Cyclical unemployment.
Explanation:
To begin with, the term of <em>''cyclical unemployment''</em> in the field of economics, refers to the situation of unemployment of a society that happens due to the recessions of the economy, when there is not enough aggregate demand to provide jobs for every person looking for one. That is, that the demand of job depends basically in the demand of the goods and if the economy is going bad then the products or services will not be demanded, such as the case that the sales of the houses have been slowing down. Therefore that the type of unemployment that Kris is suffering is cyclical unemployment.
You are here: Home / Non-Profit Fact Sheets / What is an Organisation formed by Royal Charter or by Special Act of Parliament?
What is an Organisation formed by Royal Charter or by Special Act of Parliament?
WRITTEN BY BETTER BOARDS - AUGUST 20, 2013
royal-charter-special-act
When establishing a non-profit organisation, founders can choose from a large range of legal forms. An organisation’s legal structure will determine the types of activities it is legally able to carry out and which government bodies it is required to seek registration from or report to. An organisation formed by royal charter or by special Act of parliament are two possible structures of a non-profit organisation. Find out more about the other types of legal structures here.
Some of the oldest and largest non-profits in Australia take one or other of these legal forms, however, new organisations adopting these structures are now established very rarely.
In the past organisations formed by royal charter were administered by the Prime Minister’s Office, but it now “avoid[s] recommendation of such nonprofit forms”[1]. This form has often been used to incorporate or establish significant organisations. A few examples of these types of organisation are Scouts Australia, The University of Sydney, The University of Tasmania and Engineers Australia.
Organisations formed by special Act of Parliament are established when it is “demonstrated to the government of the day that the organisation is substantial and cannot be accommodated under other incorporating statuses”[2].
Many universities and religious bodies have been incorporated by a special Act of Parliament. The University of Melbourne, The University of Queensland, the National Library of Australia and the National Gallery of Victoria are examples of organisations established through special Act of Parliament.
Organisations conforming within either of these structures are complicated and expensive to establish. They must comply with the specific act or charter relating to their establishment, often called their “constituting documents”.
This fact sheet is intended as a simple overview of non-profit legal forms and terminology. Non-profit law is incredibly complex and there will be many exceptions, restrictions, allowances and important qualifications that are not described above. This fact sheet is not intended and should not be taken as legal advice. In many cases, serious penalties apply to organisations that are found to be lax in fulfilling the requirements of their legal structure. Dedicated legal advice should be sought from a legal practitioner before taking action.
Answer:
$80,000
Explanation:
The calculation of the total amount of dividend for three years is given below
= Net loss for first-year - net income for the second year + net income for the third year - ending retained earning balance
= -$150,000 + $100,000 + $250,000 - $120,000
= $200,000 - $120,000
= $80,000
And,
As we know,
The ending balance of retained earning = Beginning balance of retained earnings + net income - cash dividend paid
So, we used the same formula to compute the dividend amount