Which of the following statements is prepared by all not-for-profit organizations? O Satement of changes in net position O Both Statement of financial position and Statenent of changes in net position. O Statement of financial position. O Statement of revenues, expenses, and changes in net position.
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- Which 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.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 equityAnswer 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?
- Which of the following accounting rules apply to all not-for-profit organizations? (Select all that apply.) The financial statements must include a statement of functional expenses The balance sheet must segregate assets according to restrictions on their use. The balance sheet must segregate current assets from long-term assets. The balance sheet must show reserves for likely amount of bad debts. Equipment must be reported net of accumulated depreciation. The activity statement must report expenses as decreases in net assets with donor restrictions. The activity statement must segregate revenues according to restrictions on their use.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 equityThe 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?
- What are the objectives of financial reporting of not-for-profit organizations?3) What are the FASB standard require that non-profit organization in financial statements?Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?
- What are the financial reporting goals of not-for-profit organizations?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.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?