ASHFORD ACC 380 Week 4 DQ 2 Transactions & FASB Standards

9-7

10-2

1. What are the financial reports required of all not-for –profits? What additional report is required for voluntary health and welfare organization?
2. List the three classes of net assets.
3. Outline the accounting required for property, plant, and equipment. Include accounting for plant acquired with both unrestricted and restricted revenues.
4. Outline accounting and reporting for investments.

10-3

1. Outline revenue recognition criteria for resources restricted for (1) time and (2) purpose.
2. Describe the difference in accounting for contributions with a condition and a restriction.
3. Outline the requirements for recognizing contributed services as revenue.
4. Outline accounting for multiyear pledges.