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What information do financial statement users want to know about a not-for-profit entity?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 19MC: What type of organization primarily offers tax compliance, auditing, and consulting services? A....

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Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
What are the objectives of financial reporting of not-for-profit organizations?
What are the financial reporting goals of not-for-profit organizations?
What is the difference between a balance sheet of a non profit organization and a for - profit business ?
Explain the basic composition of financial statements produced for a private not-for-profit entity.
Is there a difference between a balance sheet of a profit organization with a non-profit organization?
Define Legacy. Explain its treatment while preparing financial statements of a “Not– for –profit Organisation”.
Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.
What financial statements are not for profit organizations required to issue? Compare them to what a typical business' enterprise would issue.
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
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?