Explain the Purpose of FASB ASC 958-720-45 on Joint-Cost Accounting

question 34

Essay

Explain the purpose of FASB ASC 958-720-45 on joint-cost accounting as it relates to reporting fund- raising expenses of a not-for-profit organization.How is this standard applied?

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Definitions:

Chemical Feedstocks

Raw materials used in the manufacture of chemicals, often serving as the base from which other chemicals are derived.

CERCLA Trust Fund

A fund established under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) for cleaning up hazardous waste sites in the United States.

Tax

A compulsory financial charge or some other type of levy imposed by a governmental organization on individuals or entities to fund government spending and various public expenditures.

Environmental Impact Statement

A document that explains the significant effects of a proposed project on the environment.