Assessment
Question 1
Why would public service organizations need to measure income?
Question 2
Consider the revenue results from telephone solicitations by Meals for the Homeless on page 317 in your textbook (see Exhibit 10-2). What do you make of this? What are some possible explanations? What questions do you have?
Question 3
Is the information on the balance sheet, activity statement, and cash flow statement independent of one another or connected? Explain your answer.
Question 4
What are the problems with the objective evidence and cost conventions, and how can they be overcome?
Your response of each question must be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Discussion Board
Why are the subcategories of net assets important? Do not forget to include unrestricted, temporarily restricted, and permanently restricted net assets.