ACT 6692 Mod 22 Assignment

ACT 6692 Mod 22 Assignment - ACT 6692 Problem 22-1 a b...

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ACT 6692 Module 22 – Assignment (Problems) Problem 22-1. a. Describe the basic accounting for private not-for-profit groups promoted by FASB Statement No. 117 including a brief description of the three net asset classes. b. Indicate in which of the net asset classes the following transactions belong: 1. Donor makes gift to not-for profit which must be invested and maintained in perpetuity 2. Income Earned on donation noted in item #1 is restricted to certain program expenditures 3. Gains/Losses, both realized and unrealized, on donation noted in item #1. Not stipulated in donor agreement or by the law 4. Expenses paid out for programs stipulated in donor agreement relating to donation made in item #1. Problem 22-2. How do you differentiate between a voluntary health and welfare organization and another not-for- profit organization? Problem 22-3 By placing a check mark in the appropriate column, indicate all of the funds of a voluntary health and welfare organization in which the following events might correctly be recorded. (Hint: An event may require
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ACT 6692 Mod 22 Assignment - ACT 6692 Problem 22-1 a b...

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