Section 4400 of Part III of the CPA Canada Handbook permits an NFPO to adopt different terminology in describing the res

[answerhappygod]

Section 4400 of Part III of the CPA Canada Handbookpermits an NFPO to adopt different terminology in describing theresults of operations and the cumulative results of operations overtime. Which of the following combinations of terminology isacceptable under Part III?net income; retained earningsexcess of revenue over expenses; accumulated surplusnet income; accumulated surplusexcess of revenue over expenses; members’ equity.An NFPO may receive substantial contributed materials andservices. Often these contributions are not recorded because ofrecord-keeping and valuation challenges. Which of the following isNOT a required condition to recognize contributed materials andservices in the financial statements of an NFPO?the fair value of the materials and services can be reasonablyestimatedthe materials and services are used in the normal course of theorganization’s operationsthe materials and services would otherwise have beenpurchasedan arm’s length party contributed the materials andservicesThe ABC Society completed its Friends of ABC Society SpringFundraising campaign, which raises funds for children and youthinitiatives. ABC Society generated $75,000 in cash donations and anadditional $45,000 in pledges. The Society’s past experienceindicates that 10 percent of all pledges prove to be uncollectible.At December 31, 2020, its fiscal year end, $10,000 of pledges havebeen collected. Which of the following amounts is the value of netpledge receivable at December 31, 2020?$40,500$30,500$31,500$35,000The Helpful Hands Society, formed in January 2020, undertook afundraising campaign in the summer of 2020. The NFPO was able toraise $450,000 in pledges. The Society expects to collect at least80 percent of these pledges. As of December 31, 2020, the societycollected $125,000 in pledges from the summer campaign. Which ofthe following amounts is the value of net pledge receivable atDecember 31, 2020?$0$125,000$360,000$235,000