ACC 577 OUTLET Learn by Doing/acc577outlet.com ACC 577 OUTLET Learn by Doing/acc577outlet.com | Page 27

Lema Fund, a voluntary welfare organization funded by
contributions from the general public, received unrestricted
pledges of $200,000 during 2005. It was estimated that 10% of
these pledges would be uncollectible. By the end of 2005,
$130,000 of the pledges had been collected. It was expected that
$50,000 more would be collected in 2006 and that the balance
of $20,000 would be written off as uncollectible. What amount
should Lema include under public support in 2005 for net
contributions?
=====================================================================================

ACC 577 Week 1 Quiz (100 % Correct Answers)

FOR MORE CLASSES VISIT
www.acc577outlet.com
Week 1 Quiz
All Questions Details given below (Please Check)
Question 1
The fair value hierarchy provided by GAAP in FASB 157 is
comprised of three (3) levels. Which of these levels is/are based,
either directly or indirectly, on observable data?
Question 2
Giaconda, Inc. acquires an asset for which it will measure the
fair value by discounting future cash flows of the asset. Which