Determine If the Given Solution Is Correct

question 49

Multiple Choice

Determine if the given solution is correct. If it is not, find the solution.
-Is -5 the solution to x + 6 = 5 - 4?

• A)no; x = 3
• B)no; x = 7
• C)yes
• D)no; x = 15

Distinguish between the deferral method and the restricted fund method in not-for-profit accounting.

Analyze transactions and prepare journal entries for not-for-profit organizations using the deferral method.

Recognize pledges and contributions and understand their treatment in not-for-profit accounting.

Understand accounting and reporting practices for capital assets and related contributions in not-for-profit organizations.

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Definitions:

Materials

Basic elements or substances used in the production or manufacturing of goods.

Spending Variance

The difference between the actual amount spent and the budgeted or planned amount in a given period.

Planning Budget

A budget prepared for a specific level of activity, used for planning and controlling costs and resources in advance.

Travel Expenses

Costs incurred by an employee or a business when travelling for business purposes, which can include accommodations, meals, transportation, and other expenses.