What are the 3 major financial statements required for all for-profit entities? Contrast those with the financial statements required for not-for-profit entities.
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Q: What are the 3 major financial statements required for all for-profit entities? Contrast those with the financial statements required for not-for-profit entities.
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- 3) What are the FASB standard require that non-profit organization in financial statements?13. Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in accounting.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
- 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?Conceptual frameworks issued by the IASB apply only to: Select one: a. both non-profit and for-profit entities. b. non-profit entities. c. for‐profit entities. d. public sector entities.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
- Explain the basic composition of financial statements produced for a private not-for-profit entity.Identify 10 ways a for-profit company can legally, per GAAP, control or influence its Financial statements, specifically its balance sheet and income statement.9. 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?
- Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.If we "measure what matters" in a not-for-profit, what activities could they be measuring that are different than the for-profit organization? 1-2 paragrahsWhich of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.