Identify the Journal Entry Required to Correctly Record the Following

question 57

Multiple Choice

Identify the journal entry required to correctly record the following transaction. Depreciation expense on motor vehicles for the year incurred.

• A) Dr Motor vehicles
• Cr Accumulated depreciation
• B) Dr Accumulated depreciation
• Cr Depreciation expense
• C) Dr Depreciation expense
• Cr Motor vehicles
• D) Dr Depreciation expense
• Cr Accumulated depreciation

Comprehend the accounting methods (deferred contribution and restricted fund method) for contributions and investment income in not-for-profit organizations.

Recognize how donated goods and capital assets should be accounted for in financial statements.

Understand how endowment contributions and their investment income are presented and used within financial statements.

Recognize the financial reporting requirements and options available to Canadian private not-for-profit organizations.

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Definitions:

French Third Republic

Denotes the republican government of France from 1870, after the fall of the Second Empire, to 1940, when France was occupied by Nazi Germany during World War II.

Royalists

Royalists are supporters of a king or royal government, especially in the context of civil wars or revolutions where monarchy is challenged.

Tricolor Flag

A flag featuring three distinct colors, often arranged in vertical or horizontal stripes, representing various attributes or aspects of a country or organization.

Victorian

Pertaining to the period of Queen Victoria's reign over the United Kingdom from 1837 to 1901, characterized by particular moral standards, cultural innovations, and imperial expansion.