ACCOUNTING F/GOVERNMENTAL &NONPROFIT
17th Edition
ISBN: 9781308693934
Author: RECK
Publisher: MCG/CREATE
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Chapter 1, Problem 7Q
To determine
Explain the primary financial reporting objective for not for profit organizations and explain the manner in which it is different from the primary financial reporting objective for a government.
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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?
Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities please
What are the objectives of financial reporting of not-for-profit organizations?
Chapter 1 Solutions
ACCOUNTING F/GOVERNMENTAL &NONPROFIT
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 14CCh. 1 - Prob. 15CCh. 1 - Prob. 17EPCh. 1 - Prob. 18.1EPCh. 1 - Prob. 18.2EPCh. 1 - Prob. 18.3EPCh. 1 - Prob. 18.4EPCh. 1 - Prob. 18.5EPCh. 1 - Prob. 18.6EPCh. 1 - Prob. 18.7EPCh. 1 - Prob. 18.8EPCh. 1 - Prob. 18.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Prob. 19EP
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- What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesarrow_forwardWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forwardWhat are the financial reporting goals of not-for-profit organizations?arrow_forward
- Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardV6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.arrow_forwardExamine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.arrow_forward
- Answer 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?arrow_forwardDiscuss the factors affecting financial conditions of governmental organizations..arrow_forwardHow to prepare financial statements for a government agency and non-profit organization?arrow_forward
- Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?arrow_forwardDiscuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Include how monitoring and reporting of business-type funds is similar and how it differs from the same functions in a corporation.arrow_forwardA governmental agency can best be described by which of the following statements? has a primary purpose of making a profit has a primary purpose of using taxpayer funds to provide services produces goods for sale to the public has regular shareholder meetingsarrow_forward
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