Which of the following is likely not a type of not-for-profit entity? public library community foundation university local movie theater
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Which of the following is likely not a type of not-for-profit entity?
- public library
- community foundation
- university
- local movie theater
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- The following are the examples of not-for-profit organizations EXCEPT: a. Religious organizations b. Public colleges and universities c. Community service units d. MuseumsWhich one is not related to Non-profit organization? Select one: a. Sales in market b. Community service c. Religious service d. MuseumsDifferentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?
- Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.The Oman Museum is a nonprofit organization or government organization? Why? Explain.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?Which of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.What are the financial reporting goals of not-for-profit organizations?
- 9) What are the sources of funds received by the Not-for-Profit Organization?What are the objectives of financial reporting of not-for-profit organizations?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?