Accounting For Governmental & Nonprofit Entities
Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
Question
Chapter 1, Problem 19.2EP
To determine

Identify the statement which stands true for both government and non-profit organization.

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1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.
In which one of the following organization's expenditures are driven mainly by the ability of the organization to raise revenues?  a. Commercial business organisation b. None of the options c. Both government and commercial business organisations d. Government or not for profit organisation
A forprofit business has a focus on profit and loss and follows GAAP regulations A government entity follows GASB regulations A government entity will have focus on what is being done with the funds received and recommendations for improvement are usually not given Whereas a forprofit entity will be reviewed for how revenue is being recognized and if they follow GAPP regulations and recommendations are given on how to improve compliance with GAAP
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  • 1.The IASB sets standards for: a. The private sector b. The public and private sectors c.The public, private and not-for-profit sector d. The private and not-for-profit sector 2. Which of these is not one of the benefits of a Conceptual framework? a. Reporting requirements will be more Consistent and logical  b. It may allow firms to reduce their reported profit c. The need for specific accounting standards should be reduced d. Standard setting boards will be more accountable for their actions
    A primary distinction between the flow of resources through a business enterprise and through a governmental entity is that operations in a governmental entity consume resources and assets to a. produce goods and services to citizens entitled to receive them b. generate return on investment. c. generate net income. d. generate capital for future investments.
    You are required to discuss and explain your opinion whether the following statement iscorrect:“The financial performance of Governments and Not-for profit organizations is as importantas the financial importance of Corporations as the amount invested in any project need togrow by generating return, otherwise they are spent with no real reason and recklessly”.You are highly advised to disclose in your essay what the main differences are betweencorporations and Governments and Not-for profit organizations, especially in terms of theirnature and how the performance is assessed in each case, by mentioning their general goalsand scope. By doing so, it will be easier to explain your answer whether profitability andfinancial performance of Governments and Not-for profit organizations is as important it is forthe case of companies.
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