The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles. To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

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Answer 1

Question

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

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Students have asked these similar questions

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? 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.

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.

Answer 2

Question

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

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Answer 3

Question

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

Answer 6

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

Answer 7

Chapter 19, Problem 1UTI

To determine

Introduction: The different approaches are used by public or non-profit organization for financial reporting as per generally accepted accounting principles.

To define: The measurement focuses and accounting basis for non-profit or governmental organization and the benefits for suing such ways of financial reporting.

Answer 8

Expert Solution & Answer

Explanation of Solution

The following are the two measurement focuses used by public or non-profit organization:

Flow of current financial resources:

In this type of measurement focus, organization takes only cash or cash equivalents into account. This measurement focus helps an organization to assess that whether the cash or cash equivalent are enough for the claims made against the funds during the particular accounting period.

Flow of economic financial resources:

This is another type of measurement focus which focuses on all the assets that an organization owns. It considers all the assets and liabilities during the particular accounting period.

Basis of accounting:

There are two ways on the basis of accounting can be done. Firstly, on accrual basis and secondly on modified accrual basis of accounting.

As per first accounting basis, the revenues and expenses are recorded when they are earned and incurred respectively whereas under modified accrual basis of accounting, the revenue and expenses are recoded when they become measurable.

The importance of such accounting basis helps an organization to report its financial information to all its beneficiaries. The other benefits of measurement focuses and accounting basis are as follows:

It ensures operational efficiency.
Compliance with accounting rules and laws.
Accurate financial information.
Proper maintenance of assets.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 19 - Prob. 1UTI Ch. 19 - Prob. 2UTI Ch. 19 - Prob. 3UTI Ch. 19 - Distinguish assets lmited as to use from...Ch. 19 - Prob. 5UTI Ch. 19 - Prob. 6UTI Ch. 19 - Prob. 1E Ch. 19 - Record the following operating activities: 1....Ch. 19 - Record the following events that affect the loan...Ch. 19 - Prob. 5E

Explanation of Solution

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