What are special events? Give a few examples. Are special events conducted by the Not for Profit Organizations (NPO)
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Q: Answer the question please What are restricted assets and how are they shown in the financial…
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A: Answer: Option b.
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Q: Non-profit organization
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Q: 19. On the statement of activities and changes in net assets for private not-for-profit…
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- Answer the question please What are restricted assets and how are they shown in the financial statements? Explain how restricted gifts and grants are reported by a public college or university and a private college or university?A local citizen gives a not-for-profit entity a cash donation that is restricted for research activities. The money should be recorded in: Choose the correct: a. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Deferred Revenue.Which of the following statements is true? Private not-for-profit universities must report depreciation expense. Public universities must report depreciation expense. Neither I nor II is true. Both I and II are true. Only I is true. Only II is true.
- An unqualified opinion on the financial statements of a local government means that all statements in the comprehensive annual financial report (CAFR) have been audited and conform with GAAP." Do you agree or disagree? Why? Describe the difficulty in comparing the financial performance of a not-for-profit organization to other similar organizations. What benchmarks are available to assist in this task? Describe the treatment of a not-for-profit, nongovernmental foundation that is related to a public university under GASB standards. What are the benefits to a state or local government of establishing an audit committee?Which of the following statements is true? Choose the correct.I. Private not-for-profit universities must report depreciation expense.II. Public universities must report depreciation expense.a. Neither I nor II is true.b. Both I and II are true.c. Only I is true.d. Only II is true.Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
- 2. In accordance with ASC 958, contributions of services are recognized as increases in net assets without donor restrictions by a private, not for profit entity if which of the following criteria are satisfied? The services received create or enhance nonfinancial assets. The services require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donations The services will be performed within the current fiscal year. A) I or II B) I or III C) II or II D) I, II, III1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue. 2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants. 3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No YesThe 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?
- Which of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question. What is the difference between revenue and public support? What is the significance of the statement of functional expenses? What accounting process does a private charity use in connection with donated materials? What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization? Under what conditions should the entity record donated services? What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials? 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?As this and the previous chapter have discussed, public colleges and universities follow GASB standards. These schools have been directed to use the same reporting model as state and local governments. Such schools frequently classify themselves as special purpose governments consisting solely of business-type activities. In that way, they only need to produce fund financial statements as an enterprise fund.In contrast, private not-for-profit colleges and universities adhere to FASB Accounting Standards Codification® requirements and prepare financial statements. U.S. GAAP for public schools comes from GASB while, for private schools, it comes from FASB.Readers of college and university financial statements might want to compare the data presented by various institutions. This information is especially important to potential donors who are attempting to evaluate each school’s efficiency and effectiveness in utilizing the funding that it receives.Are decision makers well served by the…