ADVANCED ACCOUNTING >CUSTOM<
14th Edition
ISBN: 9781265537012
Author: Hoyle
Publisher: MCG CUSTOM
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Chapter 18, Problem 3Q
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Explain the financial statements required for private not for profit colleges and universities.
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What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?
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Which organization is responsible for issuing reporting standards for private not-for-profit colleges and universities?
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- What 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_forwardWhat 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?arrow_forwardCan you distinguish between the accounting treatment of time-restricted pledges by private and public sector 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_forwardWhich 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_forwardWhat are the financial reporting goals of not-for-profit organizations?arrow_forward
- What information do financial statement users want to know about a not-for-profit entity?arrow_forwardon are some wong. 19. List and explain the two classes of net assets for private, not-for-profit colleges and universitiesarrow_forwardThe amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountarrow_forward
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