I'm planning on working through my weakest parts first section by section and then taking 20 question progress tests starting Sunday night and Monday (hopefully). I also plan on getting some SIMS in to get familiar with looking in the AL if I get stuck.
The next 6 days are going to FLY.
Using Ninja MCQ, NINJA Notes, Audio, Flashcards and BLITZ, and 2014 Wiley Text
FAR - (61,63)
AUD - (68)
Keep Calm and RTMFQ
Accountant, what is best in life? To crush your MCQs, see them driven before you, and hear the lamentation of their SIMS!
Gains and losses on a specific security required by the donor to be held permanently. No donor instruction was made regarding gains or losses. In which asset category of NFP will you report these gains an losses?
If a specific security is to be held permanently, the gains and the losses on that security are assumed to be changes in permanent restricted net asset absent a contrary donor instruction.
If you have an asset and its a “permanent fund” then if you get any Gains / Losses and in this case i was thinking its unrealized meaning you can't sell the asset because it is restricted by the donor.
Then those gains need to stay in Permanent fund account.
Now if you have an asset and it generate some sort of income then that income you can use in unrestricted items (assuming donor didn't restrict the how to use of the income generated from the asset in which it goes to temporary i think and transfers to unrestricted when the criteria is met)
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