Provide justification for your recommendation to consolidate or not consolidate the entities in the following case (draw on the FASB codification, be specific, cite): The not-for-profit 'A' is engaged in a limited partnership with another not- for-profit 'B' 'A' has the right to select the Name and the auditors of entity 'B'.

Provide justification for your recommendation to consolidate or not consolidate the entities in the following case (draw on the FASB codification, be specific, cite): The not-for-profit 'A' is engaged in a limited partnership with another not- for-profit 'B' 'A' has the right to select the Name and the auditors of entity 'B'.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 5P

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FASB Standard No. 164, describe the differences between mergers and acquisitions for not-for-profit organizations/
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Assess the truth of this statement: For a partnership entity, the income statement format is the same as previous chapters except a section following the final net income is added that shows a division of net income to the partners. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
Which of the following statements about joint arrangements is/are incorrect: (i) Whenever a joint arrangement is structured through a vehicle that is separate from the parties, the arrangement is classified as a joint venture (ii) Whenever the contractual arrangements give the parties rights to the assets and obligations for the liabilities of the arrangement, the arrangement is classified as a joint operation (iii) Joint operations are reported in the consolidated statement of financial position of the joint operator by recognising the share of assets and liabilities attributable to the joint operator (iv) Joint ventures are reported in the consolidated statement of financial position of the joint venturer using the equity method of accounting a. (i) only b. (ii) only c. (iii) only d. (iv) only e. (i) and (ii)
Which of the following best indicates that two parties are related for purposes of PAS 24? The parties are a parent and a subsidiary One party is larger than the other. One party has the ability to affect the financial and operating decisions of the other party through control, significant influence or joint control One party is in the private sector and the other is a government regulatory body.
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1. From among the list, what is the difference between a partnership and a corporation? a. Existence of the corporation is perpetual but partnership is not b. Both have separate and juridical personality from the people composing it c. Both can be created to practice a profession d. The properties are owned solely by the partnership and corporation2. When the Securities and Exchange Commission disapproves the amended Articles of Incorporation, what is the available remedy of the Corporation? a. A criminal complaint may be filed to compel the Securities and Exchange Commission. b. A civil suit may be filed to compel the Securities and Exchange Commission. c. A reasonable time to modify the objectionable portions of the articles or amendment. d. None of the above 3. A promised that in order to help the partnership start its business, he will contribute P1Million as capital. Now that the partnership is about to begin, the partners demanded A to give his promise. However, A…
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