Governmental Non for Profit Accounting Chapter 2 Quiz Essay

The process of transferring the cost of metal ores and other minerals removed from the earth to an

4. Explain why it is important to identify the following when preparing a budget: [2.3]

3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?

Other accounting literature, including GASB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy for nongovernmental entities when not specifically made applicable to state and local governments; FASB Concepts Statements; FASAB Statements, Interpretations, and Technical Bulletins, AICPA Issues Papers; International Accounting Standards Committee Statements, pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, or articles.

Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?

| What basis of accounting is used to account for transactions of a government permanent fund?Answer

You may omit explanations of the transactions. Skip a line between eah set of journal entries.

1. (National Income Accounting) Identify the component of aggregate expenditure to which each of the following belongs:

When starting this project, I was not sure who I wanted to interview, which field of social work, I wanted to know more first-hand information about. I thought about interviewing a school social worker, or a non-profit management social worker. I eventually decided that I would like to learn about non-profit management because I have not had much knowledge on that concertation.

Nonprofit Organizations The purpose of this research is to define nonprofit organizations, describe opportunities that are present in nonprofits, outline advantages and disadvantages of working in the nonprofit sector, and explain how you can determine if this is an area for you to consider as a career. WHAT IS THE NONPROFIT SECTOR? "Nonprofit" is a term that the I.R.S. uses to define tax-exempt organizations whose money or "profit" must be used solely to further their charitable or educational mission, rather than distribute profits to owners or shareholders as in the for-profit sector.

Nonprofit organizations have several functions, and not each one is alike. Essential to all non-profit organizations are four functions: planning, budgeting, funding and management.

In today’s world there are hundreds of thousands of non-profit organizations (NPOs) established at the local, regional, national and international level, and their influence is increasing. Non-profit organizations even considered the third sector of the economy (the first two is the public and private, or commercial). It is believed that they have a special role in development of civil society. In those countries, which have largely shaped the system of legislative regulation of the sector (USA, UK, Australia, etc); the state spends huge sums on research programs in the field of standardization of the NPO.

There used to be a time when zoos used to be full of animals. A time when extinction was not a problem. That was the past. Today, zoos all around the world are missing many animals such as the African elephant or the dodo bird. All of these wonderful animals became extinct because we were careless enough to let them all die. World Wildlife Fund (WWF) is an organization that is trying to prevent extinction from happening. WWF is an environmental organization dedicated to “protecting the world’s wildlife and wetlands” ("World Wildlife Fund"). It is one of the largest private supported conservation organizations in the world, with support from one million members in just the United States. WWF was formed on September 11, 1961 in Morges,

A not for profit organization is a corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive (Legal, 2013).” There are immense community benefits as a not-for-profit generally accepts everyone regardless of ability to pay. Nonprofit organizations are granted tax-exempt status which helps them to provide services to the public and are expected to be effective managers of their finances as well as being efficient (Financial Management, 2010). In doing so, they can gain exemptions from federal and state incomes taxes and have the ability to solicit tax-deductible contributions (Financial Management, 2010). Organization must follow legal financial

1. A brief history of the two organisations, and their objectives, in as far as they