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 3Q
To determine
Explain the manner of accounting for
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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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- What concerns might a loan officer have when loaning funds to a sole proprietorship that he or she might not have when loaning funds to a corporation?arrow_forwardSaint Bernard University is a non-stock and non-profit educational institution. Which of the following income of the school shall be subject to income tax? Tuition fees Miscellaneous fees collected from students Rental income from idle properties collected from various tenants Book rental income from studentsarrow_forwardWhat is the most common form for the financial statements prepared by public colleges and universities?arrow_forward
- Answer the question please What are restricted assets and how are they shown in the financial statements? Explain how restricted gifts and grants are reported by a public college or university and a private college or university?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_forwardRegarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for payments or purchases made by the nonprofit organization? Is it different if payments or purchase is made by petty cash, check, or credit card?arrow_forward
- Write a 700 words that analyzes the differences between generally accepted accounting principles for public and private colleges and universities. Explain why it is important to identify whether the institution is Public or Private. Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations. Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university. Identify the major format differences in financial reporting for public and private colleges and universities. Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.arrow_forward14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholdingarrow_forwardWhich of the following constitutes "unrelated activity"? Interest income on loans to members by a credit cooperative Miscellaneous fees collected from students by a school entity School canteen income generated by the school Rental income derived by a non-profit entity from its properties None of the abovearrow_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_forwardWhich of the following is not a description of a classification of a financial institution? An entity that accept money from public and use such to financial instruments issued by businesses or government. An office that collect taxes from registered individuals. An associations whose members are supposed to have a common bond. A company that offers a variety of savings and loan products.arrow_forwardWhat is fraud in school systems? Do school systems fall under the purview of governmental accounting since they are part of the public sector?arrow_forward
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