Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs. Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations. To explain : Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

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Answer 1

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Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

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Answer 2

Question

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

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Check out a sample textbook solution

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Answer 3

Question

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

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Answer 4

Question

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

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Answer 5

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

Answer 6

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

Answer 7

Chapter 19, Problem 19.20Q

To determine

Accounting for other Not-for-profit organizations (ONPO): The guidelines for financial reporting in case of ONPO are issued by ASC 958 similar to voluntary health and welfare organizations. In addition to the FASB standards, the AICPA audit guide for Not-for-profit organizations provide guidance of accounting and financial reporting standards of ONPOs.

Voluntary health and welfare organizations VHWOs: Provides a variety of social services such as American heart association, American cancer society, etc. These organizations get there resources from community and typically provide their services for no fee, or nominal fee. The federal government normally provide tax-exemptions to these organizations.

To explain: Statement of Activity of ONPO, and compare it with statement of activity of a VHWO.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 19 - Prob. 19.1Q Ch. 19 - Prob. 19.2Q Ch. 19 - Prob. 19.3Q Ch. 19 - Prob. 19.4Q Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author compares the statement of activity of ONPO with that of a VHWO. Both have to follow guidelines issued by FASB.

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