In reporting the functional expenses of a not-for-profit entity, what are the two general types of expenses?

Q: Define Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit…

A: Not-for-profit organizations (NPOs) can be defined as types of organizations that works not to earn…

Q: Explain Not-for-profit entities.

A: Earnings: The bottom line of income statement which is the result of excess of earnings from…

Q: Which of the following statements are true? When an employee has rendered service to an entity…

A: PFRS 19 talks about Recognition, Measurement, and Disclosure of Employee Benefits in financial…

Q: Which of the following statements is prepared by all not-for-profit organizations? a. b. C. d.…

A: Not for profit organisations are those organisations for which main motive is not to earn profits…

Q: State the various types of contributions that a private not-for-profit entity can receive.

A: Types of contributions that a private not for profit entity can receive are: Cash contributions In…

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: Employees CIT Payable and Employees SIT Payable are:a.  not required to be deposited.b.  deposited…

A: Option C is correct. Employees CIT payable and Employee SIT payable are liability account that hold…

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: In its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group…

A: A balance sheet of non profit differs from for-profit firms in a way that there is no owners and…

Q: , is best defined as An asset account An account showing the benefits to be paid to the employee An…

A: Benefits payable refer to the additional perks that are paid to employees, in addition to their…

Q: Please answer with reason why the option is correct and why remaining options are incorrect Which of…

A: Organization- An organization is a group of people who work together to achieve a common goal or…

Q: How to prepare financial statements for a government agency and non-profit organization?

A: Non-profit organization is an organization which works for the development of the society and not…

Q: Which of the following is likely not a type of not-for-profit entity? public library community…

A: A nonprofit organization (NPO), also referred to as a non-business entity, not-for-profit…

Q: ss major differences between a governmental entity's uses of the modified accrual method and a…

A: Modified Accrual Accounting: An Explanation To understand how modified accrual accounting works,…

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: US GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present…

A: US GAAP are the rules that govern accounting in  United States. These are issued and amended from…

Q: ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust…

A: ALM (Asset Liability Management) commonly used for managing the finacial risk.

Q: Non-profit organization

A: For a Non-Profit organization, fees collected from students is an income.

Q: Define Legacy. Explain its treatment while preparing financial statements of a “Not– for –profit…

A:

Q: State the meaning of ‘Not- for- Profit’ Organisations.

A: Not for profit organisations are also known as non business entity. These organisations are not…

Q: related parties of the reporting entity,

A: Related parties are associations or resources with which the entity or its officials are interested…

Q: scribe the reporting of Board Designated resources.

A: Board-designated funds refer to those funds or assets which are restrictions free from the donor's…

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: The three major items on a balance sheet of a non-profit include all but which of the following___…

A: Company who specifically does not work for the profit but for the welfare of society is known as…

Q: Describe the Enterprise Fund's disclosure requirements. Describe how the inclusion of this…

A: An enterprise fund identifies the overall direct and indirect expenses of assisting and the sources…

Q: Which of the pairings below related to measurement focus and basis of accounting is correct for the…

A: Solution Nonprofit entities measurement focus is economic resources.  Nonprofit entities missions…

Q: Explain  the impact of a tax-exempt status in the case of not-for-profit organisation.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

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: 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: How much is the contributions receivable to be presented in the statement of financial position of…

A: solution concept Whenever there are pledges made by the contributor , the estimation relating to its…

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: es for-profit and not-for-profit o

A: Step 1   For-Profit Organizations: A for-profit organization operates with the primary goal of…

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: efine Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit…

A: Not-for-profit organization: An organization in which no owner, stockholder, or trustee shares in…

Q: Which of the following statements is prepared by all not-for-profit organizations? O Satement of…

A: For non for profit organization the company shall prepare the fund flow statement showing the…

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: In the case of grants related to income, which of these accounting treatments is prescribed by IAS…

A: Generally, Government grants are recognized as income over a period necessary to match them with…

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: Write about formation and structure of not for profit organizations.s

A: A not for profit organization is a legal entity which is incorporated for the purpose of providing…

Q: Explain the difference between the three classifications of donor's contribution to a not-for profit…

A: Not for profit organisation are those organisation which run only for the purpose of benefit of…

Q: What is the difference between For-profit organizations and Not-for-profit organizations?

A: Not for profit organization: An organization in which no owner, stockholder, or trustee shares in…

Q: 19. On the statement of activities and changes in net assets for private not-for-profit…

A: SOLUTION EXPLANATION - ACCORDING TO SFAS117 WAS THAT RESIDUAL EQUITY WAS DISPLAYED WITHIN THREE…

Q: A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity…

A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company. The…

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: Which of the following is the primary basis used to decide materiality for a for-profit entity? * O…

A: Materiality means the items which is important while studying the financial statement and which is…

Q: What are the two methods that can be used to account for the combination of two or more private…

A: The two methods that can be used to account for the combination of two or more private…