Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 15, Problem 15.1EP
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Identify the standard setting body of colleges and universities for GAAP.
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Which 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.
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?
Which 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.
Chapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 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. 22EPCh. 15 - Prob. 23EP
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- Identify the areas in an academic institutions contingency planning that might differ from those of a for-profit institution.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_forwardWhich of the following rule-making authorities would establish accounting standards for New York University? The AICPA The FASB The FASAB The GASBarrow_forward
- What is the most common form for the financial statements prepared by public colleges and universities?arrow_forwardConceptual 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.arrow_forwardAs this and the previous chapter have discussed, public colleges and universities follow GASB standards. These schools have been directed to use the same reporting model as state and local governments. Such schools frequently classify themselves as special purpose governments consisting solely of business-type activities. In that way, they only need to produce fund financial statements as an enterprise fund.In contrast, private not-for-profit colleges and universities adhere to FASB Accounting Standards Codification® requirements and prepare financial statements. U.S. GAAP for public schools comes from GASB while, for private schools, it comes from FASB.Readers of college and university financial statements might want to compare the data presented by various institutions. This information is especially important to potential donors who are attempting to evaluate each school’s efficiency and effectiveness in utilizing the funding that it receives.Are decision makers well served by the…arrow_forward
- Explain 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_forward(Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.arrow_forwardWhich of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.arrow_forward
- Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the abovearrow_forwardAnswer question please quickly What are special events? Give a few examples. Are special events conducted by the Not for Profit Organizations (NPO) reported differently on the statement of activities than special events conducted by an organization that is independent of the NPO? Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?arrow_forwardWhich of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theaterarrow_forward
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