ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 14, Problem 3Q
To determine
Identify the two categories under which not-for-profit organizations must classify their net assets and explain whether board designed net assets should be reported as restricted net assets.
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Chapter 14 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>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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- Which of the following statements is correct? Multiple Choice A contribution receivable should be recognized as an asset when the amount can be reasonably estimated AND the ultimate collection is reasonably assured. A contribution receivable should be recognized as an asset when the amount can be reasonably estimated OR the ultimate collection is reasonably assured. Bequests are accrued at the time the donor advises the NFPO of the gift. Government funding is recognized as contribution revenue as long as the government is the direct recipient of the good or service. Group Endsarrow_forwardGive examples of the sorts of constraints donors may place on how NGOs utilize the resources they donate.arrow_forwardWhich of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.arrow_forward
- Choose the correct. The financial reporting for private not-for-profit entities primarily focuses on:a. Basic information for the organization as a whole.b. Standardization of fund information reported.c. Inherent differences of various not-for-profit entities that impact reporting presentations.d. Distinctions between current fund and noncurrent fund presentations.arrow_forwardWhat are the three categories of contributions based on donor intent? pease answer in detailarrow_forwardWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forward
- Fixed assets donated to a governmental unit should be recorded a. at estimated fair value when received. b. at the lower of donor’s carrying amount or estimated fair value when received. c. at the donor’s carrying amount. d. as a memorandum entry only.arrow_forwardWhich of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundarrow_forwardWhat is the difference between a permanent fund and a private-purpose trust fund?arrow_forward
- What is the standard-setting body responsible for determining IFRS? How does it obtain its funding?arrow_forwardWhat is the difference between an enterprise fund and an internal service fund?arrow_forwardWhich of the following is a distinguishing characteristic of proprietary funds? Select one: O a. They recognize revenues when they are measurable and available O b. They always earn sufficient revenues to cover their expenses O C They are legally prohibited from selling services to other governmental agencies O d. They charge fees for the services they providearrow_forward
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