Governments may be distinguished from not-for-profit organizations by: Absence of profit motive The power to enact and enforce a tax levy Resource providers do not expect benefits proportional to the resources provided Absence of a defined ownership interest that can be sold, transferred, or redeemed

Governments may be distinguished from not-for-profit organizations by: Absence of profit motive The power to enact and enforce a tax levy Resource providers do not expect benefits proportional to the resources provided Absence of a defined ownership interest that can be sold, transferred, or redeemed

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 9MC: A governmental agency can best be described by which of the following statements? A. has a primary...

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A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetings
1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.
How is a business activity distinguished from an investment activity? why is this distinction important for the purpose of calculating federal income taxes? What types of losses may potentially be characterized as passive losses?
Taxing individuals to provide public goods increase the burden of taxes .This means its optimal to combine taxes and individual contributions to provide such goods. True or false, and explain
The purposes and objectives of taxation are as follows, except a. It is a means of reducing social inequality by preventing the undue concentration of wealth in the hands of a few individuals. b. To raise revenue to promote the general welfare of its citizens. c.It is used as an implement of the police power to promote the general welfare of the people. d.It is used with a regulatory purpose to provide means for the rehabilitation and stabilization of a threatened industry which is affected with public interest. e.None of the above.
1. The following defines taxation, except: * a. It is an inherent power of the state. b. It is an executive prerogative. c. It is a process of collecting contributions. d.It is a mode of allocating government costs or burden to the people. 2. It is an economic principle that states that the amount of tax an individual pays should be dependent on the level of burden the tax will create relative to the wealth of the individual. * a. Cost allocation b. Ability to pay c. Benefit received d. Lifeblood doctrine
You are required to discuss and explain your opinion whether the following statement iscorrect:“The financial performance of Governments and Not-for profit organizations is as importantas the financial importance of Corporations as the amount invested in any project need togrow by generating return, otherwise they are spent with no real reason and recklessly”.You are highly advised to disclose in your essay what the main differences are betweencorporations and Governments and Not-for profit organizations, especially in terms of theirnature and how the performance is assessed in each case, by mentioning their general goalsand scope. By doing so, it will be easier to explain your answer whether profitability andfinancial performance of Governments and Not-for profit organizations is as important it is forthe case of companies.
A governmental agency can best be described by which of the following statements? has a primary purpose of making a profit has a primary purpose of using taxpayer funds to provide services produces goods for sale to the public has regular shareholder meetings
Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.
Special purpose governments differ from general purpose governments in that special purpose governments: a. Provide a single function or limited range of functions. b. Do not have the power to levy taxes. c. Derive their power from state governments. d. All of the above.
A forprofit business has a focus on profit and loss and follows GAAP regulations A government entity follows GASB regulations A government entity will have focus on what is being done with the funds received and recommendations for improvement are usually not given Whereas a forprofit entity will be reviewed for how revenue is being recognized and if they follow GAPP regulations and recommendations are given on how to improve compliance with GAAP
In which one of the following organization's expenditures are driven mainly by the ability of the organization to raise revenues? a. Commercial business organisation b. None of the options c. Both government and commercial business organisations d. Government or not for profit organisation

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		Absence of profit motive
		The power to enact and enforce a tax levy
		Resource providers do not expect benefits proportional to the resources provided
		Absence of a defined ownership interest that can be sold, transferred, or redeemed