For each of the following entities, identify if the entity would be governed by GASB standards by selecting a "G", FASB standards by selecting an "F", or FASAB standards by selecting an "FB". (Hint: Search the website of the entity listed if you are unsure.)1. Your university
2. Department of Defense
3. American Institute of Certified Public Accountants
4. The county in which you live
5. Internal Revenue Service
6. Mayo Clinic
7. New York City
8. American Cancer Society
9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports)
10.The Metropolitan Museum of Art, New York City

Answers

Answer 1
Answer:

Answer:

1. Your university: F

2. Department of Defense: FB

3. American Institute of Certified Public Accountants: F

4. The county in which you live: G

5. Internal Revenue Service: FB

6. Mayo Clinic: F

7. New York City: G

8. American Cancer Society: F

9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports): G

10.The Metropolitan Museum of Art, New York City: F

Explanation:

GASB is an acronym for Government Accounting Standards Board (GASB) and it's mainly a private, non-governmental organization (NGO) that is saddled with the responsibility of developing and creating reporting standards used in accounting such as the Generally Accepted Accounting Principles (GAAP) for local and state government in the United States of America since 1984.

FASB is an acronym for Financial Accounting Standards Board (FASB) and it's an autonomous non-profit agency which through the use of Generally Accepted Accounting Principles (GAAP), is saddled with the responsibility of establishing and maintaining accounting and financial reporting standards for all firms, business enterprises, and as well as nonprofit organizations doing business in the United States of America. It has its headquarter in Norwalk, Connecticut, United States and was founded in 1973.

FASAB is an acronym for Federal Accounting Standards Board (FASAB) and it's a federal advisory committee which is solely responsible for the development of accounting standards for government agencies in the United States of America. It also is responsible for setting the Generally Accepted Accounting Principles (GAAP).

It has its headquarter in Washington DC and was founded in October 1990.

Answer 2
Answer:

Final answer:

The universities, counties, cities and similar entities follow GASB standards. Nonprofit organizations like the Mayo Clinic and American Cancer Society adhere to FASB standards. Federal entities like the Department of Defense and Internal Revenue Service follow FASAB standards.

Explanation:

The entities will be governed by the following accounting standards:

  1. Your university would be governed by the GASB (GASB for Governmental Accounting Standards Board).
  2. The Department of Defense would follow the FASB (FASB for Federal Accounting Standards Board).
  3. The American Institute of Certified Public Accountants would follow the FASB (F for Financial Accounting Standards Board).
  4. The county in which you live would be governed by the GASB.
  5. The Internal Revenue Service would adhere to the standards of the FASB.
  6. The Mayo Clinic, as a nonprofit hospital, would follow standards set by the FASB.
  7. New York City would follow the rules of the GASB.
  8. The American Cancer Society as a nonprofit organization would follow the FASB.
  9. The Metropolitan Washington Airports Authority would adhere to the rules of the GASB.
  10. The Metropolitan Museum of Art in New York City, a nonprofit organization, would be governed by FASB standards.

Learn more about Accounting Standards here:

brainly.com/question/33428311

#SPJ3


Related Questions

A widely used activity base for developing factory overhead rates in highly automated settings is a.machine hours b.direct materials c.direct labor hours d.direct labor dollars
What is reported on the statement of cash flows prepared with the indirect method for the year ended December 31, 2020? Assume there were no retirements of common stock or additional purchases of Treasury Stock during 2020. No dividends were declared in 2020. (A) Financing Activity of $144,000(B) Operating Activity $16,000 (C) Financing Activity of $161,000(D) B and C
Head-First Company had planned to sell 5,000 bicycle helmets at $75 each in the coming year. Unit variable cost is $45 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Total fixed cost equals $49,500 (includes fixed factory overhead and fixed selling and administrative expense). Operating income at 5,000 units sold is $100,500. The degree of operating leverage is 1.5. Now Head-First expects to increase sales by 10% next year.Required:1. Calculate the percent change in operating income expected.___ %2. Calculate the operating income expected next year using the percent change in operating income calculated in Requirement 1. $___
If the government wants to reduce GDP by $500 million, the most appropriate action is: contractionary fiscal policy, which includes a reduction in government spending by $500 million. contractionary fiscal policy, which includes a reduction in government spending by more than $500 million. contractionary fiscal policy, which includes a reduction in government spending by less than $500 million. expansionary fiscal policy, which includes an increase in government spending by $500 million. expansionary fiscal policy, which includes an increase in government spending by more than $500 million. expansionary fiscal policy, which includes an increase in government spending by less than $500 million.
You are a financial advisor at the bond dealer Dewey, Cheatem, and Howe. Your client has informed you that she is on the Board of Directors of a company that needs to buy some bonds, but is only allowed to purchase investment grade bonds. You recommend the D-rated bonds of Dry Wells Oil Exploration, Inc. because, although the par value of the bonds is $1000, the current market price is only $200. Which of the following statements is False? A. Your client will not be able to purchase these bonds B. Investors clearly believe this company is not in danger of bankruptcy C. You made a very recommendation D. The yield to maturity of these bonds is higher than the coupon rate

Wolfpack Company uses job-order costing. At the end of the month, the following data was gathered: Job # Total Cost Complete? Sold? 803 $611 yes yes 804 423 yes no 805 805 no no 806 682 yes yes 807 525 yes no 808 250 no no 809 440 yes yes 810 773 yes no 811 267 no no 812 341 no no Wolfpack’s selling price is cost plus 50% for each of its jobs. What is the selling price of Job 806?

Answers

Answer:

$1,023

Explanation:

The computation of the selling price of Job 806 is given below:-

Total cost of JOB 806 = $682  

Selling price of the cost = 100 + 50

= 150%

Selling price = Total cost of JOB 806 × Selling price of the cost Percentage

= $682 × 150%

= $1,023

Therefore for computing the selling price we simply multiply the total cost of JOB 806 with selling price of the cost percentage.

The production function q = 22K^0.6 L^0.3 exhibits A. constant returns to scale. B. increasing returns to scale. C. unknown returns to scale because the exponents are not equal. D. decreasing returns to scale.

Answers

Answer:

D. decreasing returns to scale.

The answer and procedures of the exercise are attached in the image below.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

A firm's dividend payments less any net new equity raised is referred to as the firm’s:a. operating cash flow.b. capital spending.c. net working capital.d. cash flow from creditors.e. cash flow to stockholders.

Answers

Answer:

The correct answer is letter "E": cash flow to stockholders.

Explanation:

The cash flow to stockholders is the amount of money a firm pays to its debtholders and stockholders. It is calculating by subtracting the dividends paid minus new equity -if raised any. The Board of Directors determines the amount and the period to be considered for the dividends and if they are paid from the organization's current earnings or the reserve revenues.

A static budget: _________a. should be compared to actual costs to assess how well costs were controlled.
b. should be compared to a flexible budget to assess how well costs were controlled.
c. is valid for only one level of activity. represents the best way to set spending targets for managers.
d. A planning budget is prepared before the period begins and is valid for only the planned level of activity.

Answers

A static budget a planning budget is prepared before the period begins and is valid for only the planned level of activity. The answer is OPTION D.

A static budget is a type of planning budget that is prepared in advance of a specific period, such as a fiscal year or a quarter. It is based on the expected level of activity or production for that period and sets spending targets for various cost categories. However, a static budget is only valid for the planned level of activity and does not adjust for changes in actual activity levels.

To assess how well costs were controlled during the period, the static budget should be compared to the actual costs incurred. This comparison helps identify any variations or differences between planned and actual performance, which can provide valuable insights for future budgeting and cost management decisions.

In contrast, a flexible budget is a more dynamic tool that adjusts for changes in activity levels. It allows managers to see how costs should have behaved based on the actual level of activity achieved, providing a more accurate evaluation of cost control performance.

To learn more about managers, click here.

brainly.com/question/32150882

#SPJ2

Answer:

Explanation: A planning budget is prepared before the period begins and is valid for only the planned level of activity.

A company purchased a building for $900,000 by obtaining a 30-year mortgage payable. Assume the lending arrangement specifies that the company will pay $20,000 of the principal over the first year, $30,000 in the second year, and the remainder evenly over the final 28 years. What amount of the $900,000 would be classified as a long-term liability at the time the mortgage payable is obtained

Answers

At the time the mortgage is obtained, approximately $850,000 of the $900,000 would be classified as a long-term liability.

In the first year, the company pays $20,000 of the principal. In the second year, it pays $30,000 of the principal. This means that by the end of the second year, the company has paid a total of $20,000 + $30,000 = $50,000 of the principal.

Now, the remaining principal balance is $900,000 - $50,000 = $850,000.

Since the company will pay the remainder of the principal evenly over the final 28 years, you can calculate the annual principal payment for the remaining term:

$850,000 / 28 years = $30,357.14 per year (rounded to the nearest cent).

At the time the mortgage payable is obtained, the long-term liability portion of the mortgage is the total principal amount to be paid after the first two years. Therefore, it is:

$20,000 (Year 1 principal payment) + $30,000 (Year 2 principal payment) + ($30,357.14 x 28) ≈ $850,000.

Learn more about mortgage here:

brainly.com/question/31112455

#SPJ12

Final answer:

The amount of the $900,000 mortgage payable classified as a long-term liability is $870,000.

Explanation:

To determine the amount of the $900,000 mortgage payable that would be classified as a long-term liability at the time the mortgage is obtained, we need to calculate the portion of the principal that will be paid over the first year, second year, and the remaining 28 years.

  1. In the first year, $20,000 of the principal is paid.
  2. In the second year, $30,000 of the principal is paid.
  3. The remaining principal to be paid over the final 28 years is $900,000 - $20,000 - $30,000 = $850,000.
  4. The annual payment for the remaining 28 years is $850,000 / 28 = $30,357.143 (approximately).

Therefore, the amount of the $900,000 mortgage payable that would be classified as a long-term liability at the time of obtaining the mortgage is the sum of the principal payments in the first year and the remaining principal payment over the final 28 years: $20,000 + $850,000 = $870,000.

Learn more about long-term liability here:

brainly.com/question/32113707

#SPJ2

Corporation W, which uses the accrual method of accounting, had earnings and profits of $95,000 on December 31, Year 1. Based on the following information, compute earnings and profits as of December 31, Year 2: Taxable income per return $185,000
Contributions in excess of 10% limitation 1,500
Interest paid for tax-exempt bonds 1,000
Tax-exempt interest received 3,000
Federal income taxes 55,400
MACRS depreciation in excess of straight-line alternative depreciation system 1,500

a. $226,600
b. 220,600
c. $282,000
d. $228,600

Answers

Answer:

a. $226,600

Explanation:

Profit = $ (95000+185000-1500

- 1,000 + 3,000 - 55,400 + 1,500 )= $226000

items added back to profit are allowed deductions while items deducted are disallowed deductions

Depreciation was added back to profit because method used was in excess of straight line method and so does not reflect true depreciation

Other Questions