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ACC380 Week5 Discussion 2

ACC380 Week5 Discussion 2 - d program expense ratio =...

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Sheet1 Page 1 a.(1) An endowment gift received in cash is recorded as a permanently restricted asset. (2) The pledge would be recorded as temporarily restricted revenue and reclassified in 2012. (3) The pledge would be recorded as a temporarily restricted revenue and then reclassified when it is expended. b. transactions with the owners, other than in exhange for services transfers among affiliated organizations receipt of temporarily or permanently restricted contributions items identified by FASB standards as elements of other comprehensive income items requiring seperate display unrealized gains and losses on investments other than those classified as trading securities 13-2 a. Rotary Foundation of Rotary International mission: "to enable Rotarians to advance world understanding, goodwill and peace through the improvement of health, the su b. PolioPlus($120,227,000) and Humanitarian($51,706,000) c. Contributions and Net investment return
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Unformatted text preview: d. program expense ratio = program expenses/total expenses 90.43% = $204,899,000/ $226,587,000 e. fund-raising efficiency = fund-raising expense/contribution revenue 6.13% = $16,461,000/ $268,412,000 13-9 a. A major program is one that is audited under the single audit approach. A non-major program is one that is considered low r b. A single audit or a program specific audit is required if an organization has $500,000 in federal expenditures. c. opinion on the financial statements evaluation and testing of internal control and compliance with laws and regulations significant deficiencies in internal controls instances of fraud, illegal acts, or other material noncompliance views regarding any significant deficiencies d. To conduct an audit an auditor would need: GASB Codification, local government legislation, state rules and regulations, A I C...
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