Week 1 Assignment Latavia Barnes ACC 380: Accounting for Not-for-profit Organizations Instructor Bundli September 9, 2013 Part One. Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2012. Northern Pines has no component units. CITY OF NORTHERN PINES Statement of Activities For the Year Ended June 30, 2012
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incorporation fees, etc. 2. Income from a partnership is subject to less tax than income from a corporation. Even though partnerships are required to file information tax returns (returns that show financial information, but do not require any payment of taxes), they are not considered taxable entities. A partner’s share of partnership income is taxed only on the partner’s personal income tax return. Corporations are taxable entities and pay taxes on corporate income. In addition, any dividends
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Financial Accounting Theory Chapter 8 – Summary The Positive Theory of Accounting 1. Outline In the text, Scott defines Positive accounting theory (PAT) as: “concerned with predicting such actions as the choices of accounting policies by firms and how firms will respond to proposed new accounting standards.” (263) PAT uses theory to predict the choices that management will make regarding their choice of accounting policies. This theory is introduced as a way to merge efficient securities
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Financial Accounting Theory Chapter 8 – Summary The Positive Theory of Accounting 8.1 Outline In the text, Scott defines Positive accounting theory (PAT) as: “concerned with predicting such actions as the choices of accounting policies by firms and how firms will respond to proposed new accounting standards.” (263) PAT uses theory to predict the choices that management will make regarding their choice of accounting policies. This theory is introduced as a way to merge efficient securities
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CHAPTER 6: NON-BUSINESS SOURCE INCOME Introduction Section 4 of the Income Tax Act, 1967 set out the main classes of income on which tax is chargeable. Section 4(a) and Section 4(b) is discussed under Business Income and Employment Income respectively. Section 4 (c), Section 4(d), Section 4(e) and Section 4(f) is covered under this chapter as other sources of income. Section 4(c) Dividend Income Dividend is a distribution of company’s profit to its shareholders by way of cash or non-cash for
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The difference between the two types of accounting is when revenues and expenses are recorded. Accrual basis accounting is described as a company’s income, which is reported in the actual fiscal period the income is earned. It is reported no matter when the income is actually received and the expenses are subtracted in the fiscal period they are incurred regardless if they are paid or not paid. Cash-basis is better managed by a company who does not have many receivables to record. They are
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Harriet’s View Short-lived gossip and furor which will pass soon. Disparities in income are present in all companies. Cant spend time explaining to each employee why they earn more/less than someone else Since the cat’s out of the bag, the company should revisit pay disparities and conduct review. Beef up computer security to avoid future incidents like this Commentator’s Advice - Victor Sim Exposing incomes would lead to breach of privacy Loss of ability to compete for talent as competitors
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reduce net interest income or the net market value of the corporation’s balance sheet. Two basic ways of defining interest rate risk in the financial services industry are commonly referred to as the accounting perspective and economic perspective. The corporation draws on aspects of each perspective to provide a more complete picture of interest rate risk than would be provided by either perspective alone. The accounting perspective focuses on the risk reported net income over a particular time
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ALTERNATIVES We had come out two alternatives in order to help Sindy solve the dilemma she faced. The first alternative is expanding her business into middle and senior level segment after 2 years. By expanding the business, Sindy will able to get more profit. This is because the revenue that she will get from senior staff positions is higher compare to junior staff positions. The second alternative that we suggest is doing nothing. Doing nothing means that Sindy have to continue on what she do
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for suppliers of goods to avail more of these goods to the consumers. It is speculated that consumers will tend to acquire debt in order to balance out their current income level to their years. This is to say that consumers will acquire much debt earlier on in life while income is a bit low and pay it slowly later on in life while income is assumed or expected to have stabilized. Examples of economies where an increase in consumer debt has resulted in a proportionate increase in the domestic
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