State a feature that distingues between a Non-trading Organization from a commercial organization.
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State a feature that distingues between a Non-trading Organization from a commercial organization.
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- The badges of trade are used for which of the following purposes? A To determine whether an individual is trading or as an employee. B To determine whether a trading transaction is being carried out rather than a capital transaction. C To determine whether a trading receipt is taxable or exempt. D To determine whether a trading expense is allowable or disallowable.Explain how a not for profit determines whether a resource provider is participating in an exchange transaction or a contribution.What is non-trading concern? Explain the important features of non trading organisation.
- Which of the following statements is not applicable to revenue recognition guidance under ASC Topic 606? Firms must disaggregate revenues into categories that depict how revenue is affected by economic factors. The standard applies a minimum number of categories that must be provided. Disaggregated revenues are to be disclosed in a note to the financial statements. Revenue may be disaggregated by geographic region.a) What are emission allowances (EAs)? How do businesses obtain them? b) Explain how EAs held by an entity satisfy the definition of an asset.Explain what the separate entity assumption means whenit says a business is treated as separate from its owners foraccounting purposes
- When an exchange of inventory items between an enterprise and another entity is undertaken to serve the needs of the enterprise’s customers, the enterprise should record the inventory items received based on theA) Carrying amount of the inventory items relinquished.B) Fair value of the inventory items relinquished.C) Carrying amount of the inventory items received.D) Fair value of the inventory items received.After you make your choice, tell me what theory you are basing your answer on, or what part of the codification applies to the question. explain the answer why?Choose the correct. What information about revenues by geographic area should a company present?a. Disclose separately the amount of sales to unaffiliated customers and the amount of intra-entity sales between geographic areas.b. Disclose as a combined amount sales to unaffiliated customers and intra-entity sales between geographic areas.c. Disclose separately the amount of sales to unaffiliated customers but not the amount of intra-entity sales between geographic areas.d. No disclosure of revenues from foreign operations need be reported.What information about revenues by geographic area should a company present?a. Disclose separately the amount of sales to unaffiliated customers and the amount of intra-entity sales between geographic areas.b. Disclose as a combined amount sales to unaffiliated customers and intra-entity sales between geographic areas.c. Disclose separately the amount of sales to unaffiliated customers but not the amount of intra-entity sales between geographic areas.d. No disclosure of revenues from foreign operations need be reported.
- International accounting standards differ from U.S. Generally Accepted Accounting Principles in that International standards Select one: a. state that firm sale or purchase commitments may not be treated as a hedged transaction. b. permit firm sale or purchase commitments to be accounted for as either fair value hedges or cash flow hedges. c. require that firm sale or purchase commitments are accounted for as fair value hedges. d. require that firm sale or purchase commitments are accounted for as cash flow hedges.When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Give examples of internal control procedures a business enterprise must implement.U.S. GAAP requires several entity-wide disclosures. If an enterprise does not define operating segments internally on a product-line basis or has only one operating segment, disclosure of revenues derived from each product or service is required.
