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31) In Canada, there are many types of business and non-business organizations and four different reporting standards that might be applicable. Required: What types of organizations are required to follow IFRS? What types of organizations may follow IFRS if they choose to do so, and how is this choice made? 32) In.
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Multiple Choice Questions LO1 1. A not-for-profit entity has all of the following characteristics except that it will a. operate for purposes other than to provide goods or service at a profit. b. have a positive fund balance. c. not possess ownership interests like a corporation. d. receive significant contributions from providers who do not expect returns. LO2 2. A governmental not-for-profit entity has.
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LO2 Exercise 8 Based upon the provided 2006 annual cash flow information, prepare a cash flow statement for the Blue Valley Aquatic Center enterprise fund. Green fees received                                $500,000 Membership fees received                             30,000 League outing fees received                         120,000 Interest revenue received                             2,000 Cash received from short-term note payable           75,000 Payments to employees                               350,000 Payments to suppliers                               198,000 Cash paid in.
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Exercise Seven Use the information from Exercise Six above. Assume that on February 28, 2009, Norma finalized the estate and transferred the balance of the estate assets to Dixon’s nephews, Chuck Fuller and Shelly Williams. Each received one-half of the residual estate. Required: 1.   Prepare the closing entries on February 28, 2009. 2.Prepare the.
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11) How should negative goodwill be shown on the consolidated financial statements of the acquirer? A) As a gain on the statement of comprehensive income B) As a loss on the statement of comprehensive income C) As a liability on the statement of financial position D) As a separate amount under shareholders' equity on.
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37) Hattrick Corp. is a wholly owned, parent-founded subsidiary of Bobby Inc. Both Bobby and Hattrick report under IFRS. The unconsolidated statements of comprehensive income and part of the statement of changes in equity—retained earnings for the two companies for the year ended December 31, 20X6, are as follows (in.
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21) What is one of the primary reasons why securities commissions are often ineffective enforcement agencies for accounting standards? A) Lack of knowledge B) Lack of financing C) Lack of independence D) Lack of support from professional accounting bodies 22) Both Canada and Japan have adopted IFRS even though the two countries differ in many.
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Exercise 5 Byron Ratliff has been appointed to serve as the executor of the estate of Ms. Juanita Davis, who passed away at the age of 104 on April 5, 2009. Ms. Davis’s assets consisted of the following: Asset            Book Value Fair Value Cash $20,000 $20,000 Money market accounts 210,000 210,000 Cooper Incorporated common stock 52,000 205,530 Porsche 911 Carrera 120,000 78,000 Condominium in Jackson,.
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36) On January 1, 20X2, Soho Co. purchased 4,000 shares, representing 12%, of Rico Inc., for $78,000. Soho is a publicly traded company. During the next two years, the following information was available for Rico. Net income (loss) Dividends declared Share price December 31 20X2 $65,000 $55,000 $22.20 20X3 $35,000 $10,000 $15.70 Soho sold all of its 4,000 shares in Rico on December.
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LO4 Exercise 4 The Rehabilitation Clinic is a private, not-for-profit organization that provides free rehabilitation health services for the uninsured. The following transactions occurred for the Rehabilitation Clinic. Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $40,000. Unrestricted pledges of $400,000 were received. Two percent.
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1) Which of the following is not a business combination? A) Statutory amalgamation B) Joint venture C) A company's purchase of 100% of another company's net assets D) A company's purchase of 80% of another company's voting shares 2) Under IFRS 3, Business Combinations, which method must be used to account for business combinations? A) Purchase.
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11) Which of the following is true about Canadian governmental reporting standards? A) PSAB standards are recommendations only. B) PSAB standards are rules that must be followed. C) PSAB standards must be applied to all provincial public utilities. D) PSAB standards were developed by the OSC. 12) A private company that is closely held and.
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LO4 11. Voluntary health and welfare organizations classify fund-raising costs as a. costs of services sold. b. program services. c. functional expenses. d. supporting services. LO4 12. Voluntary health and welfare organizations a. may report fund accounts as supplementary according to FASB Statement No. 117 specifications. b. are required to report unrestricted and restricted net assets according to fund accounting principles. c. must report fund accounts if management.
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LO6 Exercise 10 A private, not-for-profit university received donations of $500,000 in 2005 that were restricted to capital improvements of the football stadium. The university spent $650,000 on capital improvements for the stadium in 2005 and recorded depreciation of $51,000.  In 2005, an alumnus contributed a $2,500,000 endowment for football scholarships with.
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LO2 Exercise 10 Based upon the provided 2006 annual cash flow information, prepare a cash flow statement for the Downtown University Motor Pool internal service fund. Cash received from customers                       $850,000 Cash received general fund (noncapital loan)         20,000 Interest revenue received                             1,000 Cash received from short-term note payable           40,000 Payments to employees                               450,000 Payments to suppliers                               250,000 Cash paid.
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LO2 Exercise 9 The four cash flow activities required in a government proprietary fund's statement of cash flows are listed below and assigned a letter code. A) Cash flows from operating activities B) Cash flows from noncapital financing activities C) Cash flows from capital and related financing activities D) Cash flows from investing activities Required: Use the.
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Exercise Ten Rufus Holt died on May 1, 2009. He left his entire estate, valued at $6,100,000 to his sole surviving family member, his daughter, Ethel. Prior to any distribution of assets, Rufus’s estate reflected the following details: Funeral expenses............................              $10,200 Executor’s fees ............................              4,500 Estate liabilities............................              145,000 Final Medical expenses.......................              22,100 Required: a.Calculate the federal tax.
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LO3 Exercise 1 The following information was taken from the accounts and records of the Astronomy Foundation, a private, not-for-profit organization. All balances are as of December 31, 2005, unless otherwise noted. Unrestricted Support - Contributions................................              $5,000,000 Unrestricted Support - Membership Dues.............................                   600,000 Unrestricted Revenues - Investment Income...........................                     96,000 Temporarily restricted gain on sale.
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1) What do business enterprises have that NFPs do not have? A) Specified products or services B) Identifiable customers or clients C) Employees D) Boards of directors 2) Which of the following statements about the adoption of IFRS is true? A) Many European countries adopted IFRS prior to 2011. B) Canada adopted IFRS in 2012. C) All European.
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LO1 Exercise 7 Prepare journal entries to record the following grant-related transactions of an enterprise fund. 1.  Received an operating grant in cash from the state, $2,500,000. 2.  Incurred and paid qualifying expenses on the grant program, $1,600,000. 3.  Received a federal grant to finance construction of a plant, $4,500,000 (cash received in advance). 4. .
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LO6 Exercise 7 Prepare journal entries to record the following transactions for a private, not-for-profit university. Tuition and fees assessed total $10,000,000, 85% of which was collected by year-end; tuition scholarships were granted for $800,000, and $400,000 was expected to be uncollectible. Revenues collected from sales and services by the university bookstore were.
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1) Passive investments can be classified as fair value through profit or loss (FVTPL) or as fair value through other comprehensive income (FVTOCI). Which of the following statements is true? A) Under both FVTPL and FVTOCI, changes in the fair value of the investment are reported as other comprehensive income on.
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LO1 Exercise 6 Journalize the following utility transactions in the Starkey County enterprise fund: The utility sold $4,000,000 of 6.5% revenue bonds at 98 on July 1 (an interest payment date). The bond proceeds are to be used for new plant construction and the issue will mature in 20 years. Depreciation for the year-ended.
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Exercise Eight You are the trustee for the Houdini/Max Trust from the previous Exercise. The following transactions occurred during 2009. Houdini and Max are going to live with Norma Carrell, the trustee and devoted cat lover. February 18 The Houdini/Max Trust was established at First State Bank by depositing Dixon Cooper’s $200,000.
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34) On February 1, 20X5, Peter Co. purchased 20% of the outstanding shares of Mary Inc. at a cost of $275,000. During the next two fiscal years, Mary Inc. reported the following: Net income Dividends January 31, 20X6 $42,000 $20,000 January 31, 20X7 $35,000 $15,000 The fair value of the investment in Mary shares was $310,000 and.
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38) France, Germany, Japan, and Canada are four countries that have adopted International Financial Reporting Standards. As a result, auto companies from these nations have similar statements, statement components, disclosures, and measurement methods. Required: Discuss the "invisible differences" that may cause statements from these countries to be less comparable, and give examples. 39).
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40) Private companies have different users and user needs than public companies. As a result, many countries have decided to have a separate set of accounting standards that can be followed by private enterprises. Required: Describe the five different possible sets of GAAP that a country might adopt for private companies and.
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LO6 Exercise 9 The following information is available about the operations for a private, not-for-profit university. The university sold $9,000,000 of 8% bonds to finance the construction of a new building for the business school. The bonds were sold on January 1 and pay interest on December 31 of each year. The bonds.
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LO4 Exercise 3 Food for the Golden Years is a private, not-for-profit organization that provides free meals for the post-65 age group in the suburbs of a large city. Record the following transactions in the accounts of Food for the Golden Years. The following transactions affected the accounts of Food for the.
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LO3 Exercise 2 The following information was taken from the accounts and records of the Archive Foundation, a private, not-for-profit organization. All balances are as of June 30, 2006, unless otherwise noted. Unrestricted Support - Contributions................................              $3,000,000 Unrestricted Support - Membership Dues.............................                   700,000 Unrestricted Revenues - Investment Income...........................                     76,000 Temporarily restricted gain on sale.
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LO5 Exercise 5 Little Town Hospital is a private, not-for-profit hospital.  The following information is available about the operations. Gross patient services charges totaled $4,000,000. Included in the above revenues are: charity services, $125,000; contractual adjustments, $350,000; courtesy allowances, $10,000; and estimated uncollectible amounts, $150,000. Premium fees receipts were $125,000. Purchased $40,000 of hospital supplies on.
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LO6 Exercise 8 A private, not-for-profit university received donations of $2,000,000 in 2005 that were restricted to certain research projects on zero gravity material science. The university incurred $1,150,000 of expenses on this research in 2005. In 2005, an alumnus contributed a $1,000,000 endowment for genetic research with all endowment income restricted.
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LO5 Exercise 6 Remote Reconstructive is a private, not-for-profit hospital.  The following information is available about the operations. Gross patient services charges totaled $4,500,000. Included in the above revenues are: charity services, $165,000; contractual adjustments, $400,000; and courtesy allowances, $14,000. Received marketable securities valued at $115,000 for the purchase of new diagnostic equipment. The marketable.
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35) Management prepares the company's financial statements. Consequently, management's objectives will dominate the selection of accounting policies. Required: Give examples of users that might have the power to influence the accounting policy choices made by preparers. • 36) Many countries around the world have adopted International Financial Reporting Standards as their accounting standards. As.
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11) How do joint ventures differ from private corporations? A) The joint venturers must share the risks and profits of the joint venture equally. B) There can only be two parties in a joint venture. C) A joint venture does not have a board of directors. D) Venturers cannot make unilateral decisions. 12) On whose.
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Exercise Three Bill Barker is the executor for the estate of Ruth Johnson. Ruth owned a home worth $200,000, with a remaining mortgage amount of $80,000, personal effects worth $8,000, an investment portfolio worth $150,000 on the date of death, and approximately $7,500 in cash in various accounts. The home was.
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Multiple Choice Questions 1. Which of the following phrases is frequently used to refer to estate or trust accounting? a. Non-profit accounting. b. Testamentary accounting. c. Fiduciary accounting. d. All of the above phrases are used to refer to estate or trust accounting. 2. In reference to accounting for trusts or estates, which of the following statements is correct? a. Estates are subject to.
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11. Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided? a. For one week. b. For two weeks. c. For three weeks. d. For five weeks. 12. If estate assets are insufficient to pay all claims in full, under the.
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