You have been hired as the interim controller of Zab Botanical Gardens (ZBG), a not-for-profit organization in Canada. ZBG has two funds, General and Capital, and it maintains its accounting records in accordance with the restricted fund method of revenue recognition under Part III of the CPA Canada Handbook. ZBG’s accounting policies include capitalizing capital assets and recording contributed goods. The junior accountant is currently preparing the financial statements for the year ended December 31, 2024 and has asked for your guidance on how to account for the following transactions during the year to ensure compliance with the Canadian accounting standards for not-for-profit organizations. On November 15, 2024, equipment was purchased for $35,000, which was $55,000 below fair market value, from a donor who loves the botanical gardens and would like to see it expand. ZBG would have purchased this equipment for expansion anyways. Finish the journal entry by filling in the blanks below. Restricted Fund Method: Provide the fund this entry would be recorded in using Blank #1 below. 2024 Date Account Titles Debit Credit 15-Nov Provide the account name in Blank #2 below. 90,000 Provide the account name in Blank #3 below. 35,000 Provide the account name in Blank #4 below. 55,000 If instead, ZBG uses the deferral method of revenue recognition, finish the journal entry by filling in the blanks below. Deferral Method: 2024 Date Account Titles Debit Credit 15-Nov Provide the account name in Blank #5 below. 90,000 Provide the account name in Blank #6 below. 35,000 Provide the account name in Blank #7 below. 55,000
A type of vocalization in presenting a speech that occurs wh…
A type of vocalization in presenting a speech that occurs when there is little change in the pitch of sounds within words, phrases, and sentences.
The supplementary audio, visual, and hands-on resources avai…
The supplementary audio, visual, and hands-on resources available for presenting and highlighting key points or facts within a speech.
Julio wants to make sure he leaves his audience members with…
Julio wants to make sure he leaves his audience members with a clear sense that he knows what he’s talking about and that his appeal to them was legitimate and worthy of consideration. Julio is most concerned with establishing:
All NFPOs must adhere to specific conditions and have common…
All NFPOs must adhere to specific conditions and have common characteristics. Which of the following is a common characteristic for all NFPOs, including registered charities?
Explain how NFH can use budgeting is part of an overall fina…
Explain how NFH can use budgeting is part of an overall financial strategy and how budgets can be used as both a preventative and detective controls for the organization.
The first step in Monroe’s motivated sequence is:
The first step in Monroe’s motivated sequence is:
Which of the following options provides the difference betwe…
Which of the following options provides the difference between a registered charity that is a charitable organization and one that is a public foundation?
River otters are small mammals that eat freshwater fish. Env…
River otters are small mammals that eat freshwater fish. Environment 1 has many sources for freshwater fish all near each other, while Environment 2 has sources for freshwater fish spread out. Examine the three figures below showing possible, predicted data for the environments. Select which predicted data would be consistent with the information provided abvoe. Then justify your selection by discussing the connection between resource distribution and mating system.
From social networking theory: Describe a few key differenc…
From social networking theory: Describe a few key differences between weak ties and strong ties in a professional network. What distinct advantage do weak ties provide compared to strong ties, and why is that advantage important?