Answered: efine Not-for-Profit organizations.…

efine Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit organizations from nongovernmental, not-for-profit organizations. Why is

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Related questions

Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: The financial reporting for private not-for-profit entities primarily focuses on Basic information…

A: Option a. The primary focus of the not-for-profit entity while financial reporting, is basic…

Q: Which of the following is a distinguishing characteristic of proprietary funds? Select one: O a.…

A: Government accounting: Government accounting can be defined as the process of recording the…

Q: What information do financial statement users want to know about a not-for-profit entity?

A: Non profit entity is an entity which is operating to achieve objectives of public welfare and main…

Q: If we "measure what matters" in a not-for-profit, what activities could they be measuring that are…

A: Not-for-profit organizations run for a specific social objective. These kinds of organizations don’t…

Q: Explain each of the following Institutional Sectors of the SNA. i)Non-Financial Corporations Sector…

A: Disclaimer:- “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: A governmental agency can best be described by which of the following statements? A. has a primary…

A: Governmental agency: A governmental agency provides services to the general public i.e. (taxpayers).…

Q: Not-for-profit entities and state and local government organizations are small in comparison to the…

A: Custodial fund or account refers to the financial account which is set up for the beneficiary…

Q: What are the objectives of financial reporting of not-for-profit organizations?

A: Not-for-profit organizations: Not-for-profit organizations are those organizations that run not for…

Q: Why is Fund Accounting important to governmental organizations in the wider world?

A: Step 1 Fund accounting is an accounting system focus on accountability and transparency rather…

Q: Which of the following types of information would be included in total net assets in the statement…

A: Not-for-profit organizations: Not-for-profit organizations are types of organizations that do not…

Q: What are some ways an audit report for a government differs form an audit report for a for-profit…

A: An evaluator's report is a composed letter from the reviewer containing their assessment on whether…

Q: If we "measure what matters" in a not-for-profit, what activities could they be measuring that are…

A: Not-for-profit organizations run for a specific social objective. These kinds of organizations don’t…

Q: Which of the following is true regarding a not-for-profit organization’s reporting of gains and…

A: Given: The gains and losses reported on the purchased investment with the assets which is restricted…

Q: Distinguish between government and not-for-profit organizations from business entities and describe…

A: Business entities are described as those units which are formulated to provide professional…

Q: Discuss the various types of business-type funds used in governmental units and provide an example…

A: The two types of business-type funds used in governmental units are-: 1. Enterprise funds 2.…

Q: As this and the previous chapter have discussed, public colleges and universities follow GASB…

Q: What is the underlying reason a governmental unit uses separate funds to account for its…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether…

A: Government activities are those which are financed through the taxes, intergovernmental revenue. The…

Q: What are the financial reporting goals of not-for-profit organizations?

A: Here is the Answer

Q: Choose the correct. The financial reporting for private not-for-profit entities primarily focuses…

Q: Which of the following statements is true?a. All not-for-profit organizations must include a…

A: Statement of functional expenses are those statements functional expenses that are classified by…

Q: Is this set up possible? X a charitable corporation entered into a joint arrangement with SMC…

A: A charitable corporation is an entity which works for "Not-for-profit" motive with a thought process…

Q: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations

A: Not for profit organisations are formed to render services to the society. Thee main purpose of…

Q: Explain with examples how Section 404 can impact local governments and not-for-profit organizations?

A: Answer:- Not-for-profit organization (NGO):- A non-for-profit organization generally works…

Q: 1) What are the functions and Objectives of not-for profit organizations?

A: Not for profit organisations (NPO) are the organisations which are formed not for the purpose of…

Q: Is there a difference between a balance sheet of a profit organization with a non-profit…

A: Yes, a balance sheet of a profit organization is different from the balance sheet of a non-profit…

Q: The commercial business activities are governed by the market places then the government…

A: Fund financial statements are a record of individual major funds and non major funds. Government…

Q: Why do we need accounting for non-profit organizations?

A: Not for profit organization: These are the organizations that provide services to the community…

Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this…

A: The answers for the theory questions on the primary characteristics of governmental and not - for…

Q: What is the difference between a balance sheet of a non profit organization and a for - profit…

A: The non-profit organizations are those which generlly received funds from donors and spend these…

Q: What are the distinguishing charasteristics between a public charity and a private foundation? What…

A: Answer:

Q: Discuss some of the differences in the preparation and presentation of the operating statements of…

A: An operational statement is used to evaluate a company's performance and financial status. It is a…

Q: What are the three categories of net assets required by GAAP in reporting a not- for-profit…

A: Meaning of GAAP The full form of GAAP is Generally Accepted Accounting Principles and GAAP are the…

Q: Write any two differences between non-profit organization and governmental organization?

A: Non-profit-organization is an entity that has an objective other than profit earning, Non-profit…

Q: Would the financial emphasis of the balanced Scorecard be appropriate for nonprofit entities?

A: Nonprofit entities mainly focus on operational activities and their focus/goal is not making profit…

Q: What are the 3 major financial statements required for all for-profit entities? Contrast those with…

A: Financial statement: Financial statements are written documents that represent a company's…

Q: Which of the following identifies the reason that we need reconciliations between governmental funds…

A: To identifies the reason that we need reconciliations between governmental funds and government-wide…

Q: Conceptual frameworks issued by the IASB apply only to: Select one: a. both non-profit…

A: The company will prepare the financial statement as per the nature, and operations conducted by that…

Q: Differentiate between public support and revenues as sources of assets for private not-for-profit…

Question

100%

Define Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit organizations from nongovernmental, not-for-profit organizations. Why is such a distinction necessary? Mention the objectives of financial reporting of not-for-profit organizations?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
Which of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theater
Which of the following best defines stakeholders? A. investors and lenders B. environmental groups C. anyone directly or indirectly affected by the organization D. groups or individuals financially impacted by the organization
Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
What are the objectives of financial reporting of not-for-profit organizations?
What are the financial reporting goals of not-for-profit organizations?
Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as business-type entities.
Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?
If we "measure what matters" in a not-for-profit, what activities could they be measuring that are different than the for-profit organization?
Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.
Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities please
Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.