ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
expand_more
expand_more
format_list_bulleted
Question
Chapter 13, Problem 3Q
To determine
Explain the differences in the preparation and presentation of operating statement between the governmental and nongovernmental not-for-profit organization.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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?
Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.
Conceptual frameworks issued by the IASB apply only to:
Select one:
a.
both non-profit and for-profit entities.
b.
non-profit entities.
c.
for‐profit entities.
d.
public sector entities.
Chapter 13 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - What criteria must be met before an NFP...Ch. 13 - Prob. 9QCh. 13 - What are joint costs, and how are joint costs...
Ch. 13 - Prob. 11CCh. 13 - Prob. 13CCh. 13 - Prob. 14.1EPCh. 13 - Prob. 14.2EPCh. 13 - Prob. 14.3EPCh. 13 - In a local NFP elementary schools statement of...Ch. 13 - Prob. 14.5EPCh. 13 - Prob. 14.6EPCh. 13 - The Maryville Cultural Center recently conducted a...Ch. 13 - Prob. 14.8EPCh. 13 - Prob. 14.9EPCh. 13 - Prob. 14.10EPCh. 13 - Prob. 15EPCh. 13 - Donated Services. (LO14-3) Indicate whether each...Ch. 13 - Prob. 17EPCh. 13 - Prob. 18EPCh. 13 - Statement of Activities. The Atkins Museum...Ch. 13 - Prob. 20EPCh. 13 - Prob. 21EPCh. 13 - Prob. 22EPCh. 13 - Prob. 23EPCh. 13 - Prob. 24EP
Knowledge Booster
Similar questions
- What information do financial statement users want to know about a not-for-profit entity?arrow_forwardWhat are the three categories of net assets required by GAAP in reporting a not- for-profit organization?arrow_forward(Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.arrow_forward
- The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.arrow_forward3) What are the FASB standard require that non-profit organization in financial statements?arrow_forwardDifferentiate accounting for government and not-for-profit organization from a business enterprise.arrow_forward
- Explain Not-for-profit entities.arrow_forwardA 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_forwardHow does an audit opinion given to a nonprofit entity by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business. Provide an example of a non-profitarrow_forward
- Explain the basic composition of financial statements produced for a private not-for-profit entity.arrow_forwardDifferentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?arrow_forward1) Write any two differences between non-profit organization and governmental organization?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College