ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Chapter 15, Problem 15.1EP
To determine
Identify the standard setting body of colleges and universities for GAAP.
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What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?
Conceptual frameworks issued by the IASB apply only to:
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both non-profit and for-profit entities.
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non-profit entities.
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Which of the following rule-making authorities would establish accounting standards for New York University?
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Chapter 15 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - Prob. 8QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 13CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EP
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- What is the most common form for the financial statements prepared by public colleges and universities?arrow_forwardWhich of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.arrow_forwardWhich of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.arrow_forward
- 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?arrow_forwardWhat differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?arrow_forwardGive me Financial Planning What are possible sources for the start-up funding for incorporation of an organization? And what is the decision criteria to choose?arrow_forward
- V6. 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_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_forwardWhat are some of the pros and cons of the Ceres (non-profit organization) CSR reporting framework?arrow_forward
- What is the standard-setting body responsible for determining IFRS? How does it obtain its funding?arrow_forwardExplain each of the following Institutional Sectors of the SNA. i)Non-Financial Corporations Sector ii)Financial Corporations Sector iii)General Government Sector iv)Non-profit institutions serving Households Sector v)Households sector- (including incorporated enterprise within households)arrow_forwardNeed answers ASAP... In the B/C ratio the owner of the public projects is the a. non-government organization b. all of the above c. public d. national governmentarrow_forward
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