ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264107919
Author: RECK
Publisher: MCG CUSTOM
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Question
Chapter 14, Problem 1Q
To determine
Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.
Expert Solution & Answer
Explanation of Solution
Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.
Authoritative accounting standard-setting bodies for governmental not for profit organizations:
- Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
- Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).
Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:
- American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
- Office of the management and budget (OMB).
- Financial accounting standards board (FASB).
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Chapter 14 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - What is the value of reporting expenses by...Ch. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - What criteria must be met before an NFP...Ch. 14 - Prob. 8QCh. 14 - What are joint costs, and how are joint costs...Ch. 14 - Prob. 10Q
Ch. 14 - Prob. 11CCh. 14 - Prob. 13CCh. 14 - Prob. 14.1EPCh. 14 - According to GAAP, all not-for-profit...Ch. 14 - Prob. 14.3EPCh. 14 - In a local NFP elementary schools statement of...Ch. 14 - Prob. 14.5EPCh. 14 - Prob. 14.6EPCh. 14 - The Maryville Cultural Center recently conducted a...Ch. 14 - Prob. 14.8EPCh. 14 - Prob. 14.9EPCh. 14 - Prob. 14.10EPCh. 14 - Prob. 14.11EPCh. 14 - Prob. 14.12EPCh. 14 - Prob. 14.13EPCh. 14 - Prob. 15EPCh. 14 - Donated Services. (LO14-3) Indicate whether each...Ch. 14 - Prob. 17EPCh. 14 - Prob. 18EPCh. 14 - Prob. 19EPCh. 14 - Statement of Activities. (LO14-3) The Atkins...Ch. 14 - Prob. 21EPCh. 14 - Prob. 22EPCh. 14 - Prob. 23EPCh. 14 - Prob. 24EPCh. 14 - Prob. 25EP
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Similar questions
- Which 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_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardUse the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forward
- What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesarrow_forward(Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.arrow_forwardDistinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.arrow_forward
- Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as business-type entities.arrow_forwardWho should set accounting standards? A government agency or private body such as the FASB?arrow_forwardDiscuss the factors affecting financial conditions of governmental organizations..arrow_forward
- US GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. A. Financial performance results B. Taxes C. Government records D. Audit resarrow_forwardThe primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).arrow_forwardDifferentiate accounting for government and not-for-profit organization from a business enterprise.arrow_forward
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