Answer:
D) It would not be recorded.
Explanation:
FASB means Financial Accounting Standards Board.
Financial Accounting Standards Board is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US.
No matter what kind of restriction a donor might impose, FASB standards require nonprofits to report finances in a way that makes it clear which funds have donor restrictions and which funds come without donor restrictions. FASB standards are in three categories: “unrestricted,” “temporarily restricted,” and “permanently restricted.”
Unrestricted are those items that have no donor-imposed restrictions
Temporarily Restricted are those items that were received with a donor-imposed restriction that will be satisfied in the future (generally within one year)
Permanently restricted assets are funds of a nonprofit organization that must be used in designated ways and whose principal cannot be touched.
Since the school will recieve the pledge ONLY if it is able to raise $500,000 in funds over the next year, then the pledge would not be recorded
Answer:
The right answer is A. Liabilities increased by $1.0 million in 2018
Explanation:
During 2017 and 2018, we have the following information:
+ In 2017, there is $2 million wages earned but not yet paid, so, Wages payable at the end of 2017 should be amounted to $2 million.
+ In 2018, there is another $8 million wages earned. At the same period, there is $7 million wages paid which is distributed as followed: $2 million to clear all Wages payable in 2017 and the other $5 million to clear $5 million out of $8 million wages payable in 2018. So, the only wages liability outstanding at the end of 2018 is the amount of $3 million earned in 2018 but not yet paid ($8 million - $5 million).
=> Liabilities in 2018 increases $1.0 million in comparison with the year 2017 ( $3 million - $2 million).
Answer:
Corey’s adjusted gross income is <u>$25,300</u> and his total tax due will be <u>decreased</u> by the credit.
Explanation:
Add what Cory earned and his capital gain to make $25,300
Cory claimed the lifetime learning credit which decreases his total tax due
Answer:
Consumer Financial Protection Bureau
Answer:
D
Explanation:
A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.
Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
A public good is a good that is non excludable and non rivalrous. An example of a public good is a statue in a public park Everyone has assess to the statue and because one person is enjoying the view of the statue does not means another person cannot enjoy the view of the statue
