ACC380 Week5 Discussion 1

ACC380 Week5 Discussion 1 - r e Contributed services are...

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Sheet1 Page 1 a. Unrestricted, temporarily restricted, permanently restricted. b. Statement of Financial Position, Statement of Cash Flows, and the Statement of Activities(this can be substituted with: Stat e m c. An endowment is a permanent fund and is classified under the permanently restricted class of net assets. A term endowme n d.(1) debit Cash and credit Contributions- Permanently Restricted. (2) Initially this would be a debit to Cash and a credit to Contributions- Temporarily Restricted, this would be reclassified as un r (3) Initially this would be a debit to Cash and a credit to Contributions- Temporarily Restricted, this would be reclassified as un
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Unformatted text preview: r e. Contributed services are recorded as revenues if the service either creates or enhances nonfinancial assets or requires spe c a. With a charitable lead trust the not-for-profit receives periodic payments, when the trust ends any excess principle reverts to b. With a charitable remainder trust periodic payments are made to a donor or beneficiary, when the trust ends any excess pr i n c. With a perpetual trust, the funds are held by a bank or other third party and income from the trust is paid to the not-for-profit ....
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This note was uploaded on 08/14/2011 for the course ACC 380 taught by Professor Any during the Spring '11 term at Ashford University.

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