The Following Are Selected Transactions for HELP-ON-US, an NFPO for 2014

question 48

Essay

The following are selected transactions for HELP-ON-US, an NFPO for 2014. On January 1, the organization purchased fixed assets at a cost of $10,000. The assets were estimated to have a useful life of 5 years with no residual value. Straight-line amortization is used. Assuming that the assets were purchased from a restricted fund contribution in the amount of $11,000, prepare the required journal entries for 2014, indicating the fund or funds to be used.

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Definitions:

Goal Contagion

The psychological process by which observing an individual's behavior leads to the adoption of similar goals by others.

Norm Setting

The process of establishing acceptable standards of behavior within a group, which guide members' actions and interactions.

Work Group

A collection of individuals who come together to achieve a specific goal or task.

Personality Styles

pertains to the various categories or types that summarize the patterns of behavior, thought, and emotion uniquely exhibited by individuals.