The classification of Net Assets in the Form 990 for tax-exempt organizations are consistent with FASB standards for not-for-profit organizations.
Answer the following statement true (T) or false (F)
True
The financial information required by Form 990 is very similar to that required under FASB standards for private not-for-profits except that cash a flow statement are notes and not required.
You might also like to view...
An "incipient market" is a market that will emerge if a particular economic, demographic, political, or sociocultural trend continues in a country
Indicate whether the statement is true or false
Which is true about telephones on a service desk?
A. If an analyst chooses to use a traditional telephone, it should be placed at a 45 degree angle on the side of the analyst. B. The type and style of the telephone is just as important as its location on an analyst's desk. C. Telephones place analysts at risk of acoustic shock, so analysts should strive to use wireless headsets. D. Analysts who have to stretch or turn around to answer the telephone are at risk for a repetitive stress injury.
Imagine you are preparing to give a presentation about a campuswide event that will take place simultaneously at various locations around your college or university’s campus. What organizational pattern would you employ? Briefly explain your choice.
What will be an ideal response?
Metal Company Metal Company sold merchandise to Steel Corporation on December 1, 2012, for $150,000, and accepted a promissory note for payment in the same amount. The note has a term of three months and an annual interest rate of 8%. Metal's accounting period ends on December 31. Refer to the data provided for Metal Company. What amount should Metal recognize as interest revenue on December 31,
2012? A) $ -0- B) $ 1,000 C) $12,000 D) $11,000