Explain how a not for profit determines whether a resource provider is participating in an exchange transaction or a contribution.
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Explain how a not for profit determines whether a resource provider is participating in an exchange transaction or a contribution.
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- For which of the following does IFRS for SMEs not provide a simplification of full IFRS?a. Goodwill.b. Borrowing costs.c. Development costs.d. Inventory.Choose the correct.For which of the following does IFRS for SMEs not provide a simplification of full IFRS?a. Goodwill.b. Borrowing costs. c. Development costs.d. Inventory.Which of the following factors, if present, would indicate that a transaction is not a contribution? a. The resource provider entered into the transaction voluntarily. b. The resource provider received value in exchange. c. The transfer of assets was unconditional. d. The organization has discretion in the use of the assets received.
- The amount for which an asset could be exchanged, a liability settled , or an equity instrument could be exchanged between knowledgeable parties is known as _________ a. Fair value cost principle b. Historical cost principle c. Futuristic cost principle d. Replacement cost PrincipleExplain how to defer gains using the like-kind exchange rules.What do indirect costs cover and how are they typically calculated? What are unrestricted funds? Does grant funding typically consist of restricted or unrestricted funds? What is the difference between a grant and a contract?
- Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. When the consignor receives cash remittance from the consignee. When the consignor satisfies its performance obligation under consignment contract. When the consignor enters into a consignment contract with a consignee.Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue from: A . similar barter transactions with unrelated parties.Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue from: B . similar non-barter transactions with related parties
