Accounting recognition should be given to some or all of the gain realized on a nonmonetary exchange of plant assets except when the exchange has
a. no commercial substance and additional cash is paid.
b. no commercial substance and additional cash is received.
c. commercial substance and additional cash is paid.
d. commercial substance and additional cash is received.
Answer: a. no commercial substance and additional cash is paid.
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Which of the following is true about guidance?
A. It is legally binding. B. It is issued exclusively by Congress. C. It is intended to clarify official regulations. D. It does not affect existing rules.
Which of the following is NOT a reason that nonprofits traditionally have lower salaries?
a. The culture of many nonprofits is one of sacrifice b. donors expect revenues to go for services, not salaries c. All nonprofits have small budgets d. Nonprofit work is sometimes viewed as "women's work" and is historically underpaid e. Scandals about extravagant salaries or outrageous perquisites at organizations such as the United Way or the Smithsonian Institution have put pressure on nonprofits to keep executive salaries low.