ADVANCED ACCOUNTING
13th Edition
ISBN: 9781264046263
Author: Hoyle
Publisher: MCG
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Question
Chapter 18, Problem 10Q
To determine
Define the method of reporting in case of contribution hold by the not-for-profit entity for others with the condition that the donor retains the right to revoke use of the gift/contrition.
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A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the method of reporting for each party if the donor retains the right to revoke or redirect use of the gift?
How does a recipient not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?
How would a recipient for a not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?
Chapter 18 Solutions
ADVANCED ACCOUNTING
Ch. 18 - Prob. 1QCh. 18 - Prob. 2QCh. 18 - Prob. 3QCh. 18 - What are temporarily restricted net assets?Ch. 18 - What are permanently restricted net assets?Ch. 18 - Prob. 6QCh. 18 - Prob. 7QCh. 18 - Prob. 8QCh. 18 - Prob. 9QCh. 18 - Prob. 10Q
Ch. 18 - Prob. 11QCh. 18 - Prob. 12QCh. 18 - Prob. 13QCh. 18 - Prob. 14QCh. 18 - Prob. 15QCh. 18 - When should membership dues be considered revenue...Ch. 18 - Prob. 17QCh. 18 - Prob. 18QCh. 18 - Prob. 19QCh. 18 - Prob. 20QCh. 18 - Prob. 21QCh. 18 - Prob. 1PCh. 18 - Prob. 2PCh. 18 - Prob. 3PCh. 18 - Prob. 4PCh. 18 - A donor gives Charity 1 50,000 in cash that it...Ch. 18 - Prob. 6PCh. 18 - Prob. 7PCh. 18 - Prob. 8PCh. 18 - Prob. 9PCh. 18 - Prob. 10PCh. 18 - Prob. 11PCh. 18 - Prob. 12PCh. 18 - Prob. 13PCh. 18 - Prob. 14PCh. 18 - Prob. 15PCh. 18 - Prob. 16PCh. 18 - Prob. 17PCh. 18 - Prob. 18PCh. 18 - Prob. 19PCh. 18 - Prob. 20PCh. 18 - Prob. 21PCh. 18 - Prob. 22PCh. 18 - Prob. 23PCh. 18 - Prob. 24PCh. 18 - Prob. 25PCh. 18 - Prob. 26PCh. 18 - Prob. 27PCh. 18 - Prob. 28PCh. 18 - Prob. 29PCh. 18 - Prob. 30PCh. 18 - Prob. 31PCh. 18 - Prob. 32PCh. 18 - Prob. 33PCh. 18 - Prob. 34PCh. 18 - Prob. 35PCh. 18 - Prob. 36PCh. 18 - Prob. 37PCh. 18 - Prob. 38PCh. 18 - Prob. 39PCh. 18 - A private not-for-profit entity is working to...Ch. 18 - Prob. 41PCh. 18 - The University of Danville is a private...Ch. 18 - Prob. 43PCh. 18 - Prob. 44PCh. 18 - Prob. 45PCh. 18 - Prob. 46PCh. 18 - Prob. 47PCh. 18 - Prob. 48PCh. 18 - Prob. 49PCh. 18 - At the beginning of Year 1, the entity above...Ch. 18 - Prob. 51PCh. 18 - Prob. 52PCh. 18 - Prob. 53PCh. 18 - Prob. 54PCh. 18 - Prob. 1DYSCh. 18 - Prob. 2DYSCh. 18 - Prob. 3DYSCh. 18 - Prob. 4DYSCh. 18 - Prob. 5DYSCh. 18 - Prob. 6DYS
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Similar questions
- If there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke the gift?arrow_forwardIf an individual renders services for a creditor who in consideration thereof cancels his existing debt, the cancellation of indebtedness may amount to a Gift Donation intervivos Payment of income Capital contributionarrow_forwardIf there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke or redirect the gift?arrow_forward
- A gift is valued at the date of* the death of the donor. notarization of the deed of donation. completion or acceptance of the donation payment of donor's tax.arrow_forwardHow does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a legacy is a nonmonetary gift.b. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. c. A devise is a gift of real property and a legacy is a gift of personal property.d. A devise is a gift made prior to death and a legacy is a gift made at death.arrow_forwardTrue or False To qualify as a charitable deduction, the donation must be made by cash or by checkarrow_forward
- What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.arrow_forwardHow does a devise differ from a legacy? A devise is a gift of money and a legacy is a nonmonetary gift. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. A devise is a gift of real property and a legacy is a gift of personal property. A devise is a gift made prior to death and a legacy is a gift made at death.arrow_forwardThe following are elements of donation, which one is not ? Capacity of the donee to make the donation Capacity of the donor to make the donation The donative intent or intent to make a gift on the part of the donor The delivery and acceptance of the donationarrow_forward
- What is the difference between a testamentary trust and an inter vivos trust? Choose the correct.a. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.b. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. c. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. d. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.arrow_forwardWhich of the following is a charitable lead trust? Choose the correct.a. The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization.b. Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization.c. The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary.d. A charity conveys money to a trust that generates income for the charity’s use in its various projects.arrow_forwardWhich of the following is a charitable lead trust? The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization. Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization. The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary. A charity conveys money to a trust that generates income for the charity’s use in its various projects.arrow_forward
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