ACCOUNTING FOR GOVERNMENTAL & NONPROFIT
18th Edition
ISBN: 9781260588583
Author: RECK
Publisher: MCG
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Question
Chapter 13, Problem 1Q
To determine
Identify the difference between the characteristics of not-for profit and for-profit organizations.
Expert Solution & Answer
Explanation of Solution
Not-for Profit Organization: A not for profit organization, is a business type operated by individuals or specific groups of people to carry out the beneficial activities to the society. They do not focus on profit generation.
The difference between the characteristics of not-for profit and for-profit organizations are:
- The ownership is not properly defined.
- The focus is on provision of goods and not on profit.
- The resources provided may not get the direct benefit worth the value of the resources.
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Chapter 13 Solutions
ACCOUNTING FOR GOVERNMENTAL & NONPROFIT
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - Prob. 10Q
Ch. 13 - Jan and Dean decided to form a charitable...Ch. 13 - Prob. 17.2EPCh. 13 - Prob. 17.3EPCh. 13 - Prob. 17.4EPCh. 13 - Prob. 17.5EPCh. 13 - Prob. 17.6EPCh. 13 - Prob. 17.7EPCh. 13 - Prob. 17.8EPCh. 13 - Prob. 17.9EPCh. 13 - When a tax-exempt organization dissolves, the...Ch. 13 - Prob. 18EPCh. 13 - Use Illustration 13-4 as a guide in completing...Ch. 13 - Prob. 20EPCh. 13 - Prob. 21EPCh. 13 - Prob. 22EP
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Similar questions
- A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsarrow_forwardIf we "measure what matters" in a not-for-profit, what activities could they be measuring that are different than the for-profit organization?arrow_forwardState the meaning of ‘Not- for- Profit’ Organisations.arrow_forward
- What are the financial reporting goals of not-for-profit organizations?arrow_forwardIf we "measure what matters" in a not-for-profit, what activities could they be measuring that are different than the for-profit organization? 1-2 paragrahsarrow_forwardWhat distinguishes for-profit and not-for-profit organisations?arrow_forward
- Explain Not-for-profit entities.arrow_forwardDiscuss the basic assumptions of CVP analysis and how can we use CVP analysis in making decisions in a not-for-profit organization, as well as a for-profit organization?arrow_forwardDefine 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?arrow_forward
- What is the difference between a balance sheet of a non profit organization and a for - profit business ?arrow_forward13. Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in accounting.arrow_forwardWhy do we need accounting for non-profit organizations?arrow_forward
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