SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandalposition and which of the following financial statements?Statement of activities.II. Statement of changes in fund balances.III. Statement of cash flows.a. I, II, and IIIb. III onlyc. II and IIId. I and III.I.

Financial statements are those statements and reports which are prepared at the end of accounting…

SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal position and which of the following financial statements? I. Statement of activities. Statement of changes in fund balances. III. Statement of cash flows. a. I, II, and III b. III only c. II and III d. I and III. II.

SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal position and which of the following financial statements? I. Statement of activities. Statement of changes in fund balances. III. Statement of cash flows. a. I, II, and III b. III only c. II and III d. I and III. II.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.
Choose the correct. The financial reporting for private not-for-profit entities primarily focuses on:a. Basic information for the organization as a whole.b. Standardization of fund information reported.c. Inherent differences of various not-for-profit entities that impact reporting presentations.d. Distinctions between current fund and noncurrent fund presentations.
How should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.
Which of the following statements is correct concerning a governmental entity’s combined statement of cash flows?a. Cash flows from capital financing activities are reported separately from cash flows from non-capital-related financing activities.b. The statement format is the same as that of a business enterprise’s statement of cash flows.c. Cash flows from operating activities may be reported using the indirect method.d. The statement format includes columns for the general, governmental, and proprietary fund types.
Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities: a. Bond sinking Fund b. Retained earnings c. Capital Stock d. Unearned revenue
Respond to the following in a minimum of 175 words: Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Include how monitoring and reporting of business-type funds is similar and how it differs from the same functions in a corporation.
The three major items on a balance sheet of a non-profit include all but which of the following___ Group of answer choices Net income Liabilities Assets Fund equity
The financial reporting for private not-for-profit entities primarily focuses on Basic information for the organization as a whole. Standardization of fund information reported. Inherent differences of various not-for-profit entities that impact reporting presentations. Distinctions between current fund and noncurrent fund presentations.
The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.a. What is the difference between revenue and public support?b. What is the significance of the statement of functional expenses?c. What accounting process does a private charity use in connection with donated materials? d. What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?e. Under what conditions should the entity record donated services?f. What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?g. A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?
Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Pleae include how monitoring and reporting of business-type funds are similar and how it differs from the same functions in a corporation.
In its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group of answer choices Total assets - Liabilities = Shareholders' equity Total assets + shareholders' equity = Liabilities Total assets + Liabilities = Shareholders' equity Total assets = Liabilities + Fund equity