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krek1111 [17]
3 years ago
12

A not-for-profit art museum that has elected to capitalize its art collection receives a donation of a rare piece of Native-Amer

ican art. The donor paid $10,000 for the piece several years ago. Today the piece has an estimated value of $50,000. What entry should the museum make upon receipt of this donation
Business
1 answer:
Svet_ta [14]3 years ago
6 0

Answer and Explanation:

No  journal entry is required as the art museum has been elected so it is not capitalized also the value is increased i.e. from $10,000 to $50,000 so we should not capitalized it

So for this there is no requirement of passing the journal enry

 Hence, the same is to be considered

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The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goal
Elodia [21]

Answer:

Effectiveness

Explanation:

Organizational effectiveness shows the extent to which resources have been efficiently managed to produce intended results.

Efficiency has to do with maximal uses of resources available (i.e  input versus output) while effectiveness show whether desirable outcomes have been achieved i.e whether organizational objectives are being achieved.

4 0
4 years ago
The following is an Equipment account and its associated Accumulated Depreciation account: Equipment Accumulated Depreciation Be
Juliette [100K]

Answer:

Explanation:

Generally when a company makes a sale of its used assets like equipment, machinery, land etc, it computes the gain or loss on sale by reducing the current book value of the asset from the sale price. As we all know, Current book value of an asset is calculated by reducing the accumulated depreciation related to that asset from its acquisition cost.

GAAP requires the companies to carry the Asset accounts at Cost minus any sale/scrap and the wear and tear of the asset (depreciation) is accumulated in another separate account. The Asset Account is reported at its Book Value (Cost-Accm. Depreciation) in the Balance Sheet every year. Gain or loss on such assets is calculated by reducing the book value from its sale price

4 0
3 years ago
All of the following arguments are presented in favor of inflation targeting EXCEPT
vlabodo [156]

Answer:

The correct answer is letter "A": it would reduce the lags inherent in monetary policy.

Explanation:

Inflation targeting is a monetary policy in which the central bank sets a specific target for medium-term inflation and declares the target for inflation. The idea is that maintaining price stability is the best that monetary policy can do to support the economy in the long run.

5 0
3 years ago
Asset misappropriation is ________ likely than fraudulent financial reporting. The amounts involved in asset misappropriation ar
Mariana [72]

Answer:

The correct answer is letter "A": more; less.

Explanation:

Misappropriation of assets and fraudulent financial reporting are two major issues caused by one single corporate problem: <em>fraud</em>. Misappropriation is said to be <em>more common</em> than fraudulent financial reporting since it implies using resources of the company that are at hand for personal uses. Instead, the harm caused by misappropriation is <em>less </em>than the caused by fraudulent financial reporting since the latter involves reporting fictitious expenditures, issuing checks in blank, booking "ghost employees", or even using the company's sensitive information -such as account numbers- at will.

8 0
3 years ago
Gary is a self-employed accountant who pays $2,000 for business meals. How much of a deduction can he claim for the meals and wh
bonufazy [111]

Answer:

He can Claim a 50% deduction on the Schedule C Business Expense Deductions

Explanation:

Business Meals fall under the category of the small businesses tax deductions made available under Schedule C by the Internal Revenue Service that can small businesses can take advantage of.

  1. The business owner or employee must be present at the meal.
  2. The meal must not be extravagant under any circumstances.
  3. The meal must be an ordinary and necessary part of carrying on businesses.

Gary as a self-employed accountant is a small service provider who can take advantage of this deduction.

5 0
4 years ago
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