Which of the following constitutes "unrelated activity"? Interest income on loans to members by a credit cooperative Miscellaneous fees collected from students by a school entity School canteen income generated by the school Rental income derived by a non-profit entity from its properties None of the above
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Which of the following constitutes "unrelated activity"?
Interest income on loans to members by a credit cooperative
Miscellaneous fees collected from students by a school entity
School canteen income generated by the school
Rental income derived by a non-profit entity from its properties
None of the above
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- The amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountonation received for specific purpose is: a. Credited to income and expenditure account b. Shown on liabilities side of Balance sheet as Donation Fund c. Debited to income and expenditure account d. Shown as asset side of Balance sheet as Donation Fund Question 14 Question text Which among the following is not an enterprise fund in a school district? a. Athletic stadium that sell tickets to events b. Bookstores c. Public parking spaces d. Cafeteria Question 15 Question text Rule by people is referred to as: a. Republic b. Oligarchy c. Democracy d. MonarchySaint Bernard University is a non-stock and non-profit educational institution. Which of the following income of the school shall be subject to income tax? Tuition fees Miscellaneous fees collected from students Rental income from idle properties collected from various tenants Book rental income from students
- 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?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?A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accounts
- 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 equityWhich of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theaterWhat is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales goods c. Goods service d. All the other points
- Answer question please quickly What are special events? Give a few examples. Are special events conducted by the Not for Profit Organizations (NPO) reported differently on the statement of activities than special events conducted by an organization that is independent of the NPO? Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?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.