In a recent month a CPA provided ten hours of volunteer time to


Question Description:

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In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization’s financial records and three to recording tapes of newspapers and magazine articles. If volunteers had not provided these services, the organization would have had to hire others. Should the organization give accounting recognition to the CPA’s services? In what significant ways do the FASB standards differ from those of the GASB with respect to the statement of cash flows?

Answer

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