Which of the following is not one of the specific disclosure requirements for private not-for-profits?
A. The amount of the allowance for uncollectible pledges receivable.
B. The total of conditional amounts pledged.
C. The amount of recourses received from the federal government.
D. The amount of conditional promises (i.e., pledges) receivable due in less than one year, one to five years, and more than five years from the balance sheet date.
Answer: C
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Which is the least common expense disbursement scheme?
a. Mischaracterizing expenses b. Submitting the same expenses multiple times c. Submitting fictitious expenses d. Overstating expenses
A firm may factor its accounts receivable to a bank or other financial institution in exchange for cash. Which of the following is/are not true?
a. The lender physically controls the receivables and collects cash from customers. b. Accounts receivable that the firm has factored do not appear on the balance sheet. c. The firm has sold the accounts receivable. d. The firm should disclose the factoring arrangement in its financial reports. e. None of the above.
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What will be an ideal response?
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What will be an ideal response?