Answered: 19. List and explain the two classes of…

Business

Accounting

19. List and explain the two classes of net assets for private, not-for-profit colleges and universities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Explain Not-for-proﬁt entities.

A: Earnings: The bottom line of income statement which is the result of excess of earnings from…

Q: The chapter describes four activities common to all entities: setting goals and strategies,…

A: Charitable organizations are those organizations whose purpose is social wellbeing. They serve…

Q: niversities. These alternatives include all of the following except: dopt FASB's requirements so…

A: Financial Statements : There are two main financial statement, Income Statement and Balance Sheet.…

Q: Answer the question please What are restricted assets and how are they shown in the financial…

A: The assets are considered as the resources of the business which is invested by the owners or…

Q: State the various types of contributions that a private not-for-profit entity can receive.

A: Types of contributions that a private not for profit entity can receive are: Cash contributions In…

Q: What is the most common form for the financial statements prepared by public colleges and…

A: Government accounting standards board (GASB) is the entity which governs the financial statements…

Q: colleges use: nomic resources measurement focus. ent resources focus. ified accrual accounting…

A: Public colleges are those colleges which usually reported as the special purpose entities those who…

Q: The following are the examples of not-for-profit organizations EXCEPT: a. Religious organizations b.…

A: Not-for-profit Organization - It is legal entity operated and organized for the purpose of public or…

Q: In its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group…

A: A balance sheet of non profit differs from for-profit firms in a way that there is no owners and…

Q: Which of the following is a special purpose government? Select one: a. All the other points b.…

A: Special purpose government generally means type of public authority. This government generally…

Q: Which of the following constitutes "unrelated activity"? Interest income on loans to members by…

A: Unrelated business activity refers to the activity that is carried out by an organization or firm on…

Q: Which of the following statements is correct? Endowments are provided as donations which only allow…

A: The objective of the question is to identify the correct statement about endowments in the context…

Q: What are special events? Give a few examples. Are special events conducted by the Not for Profit…

A: The Not-for-profit organizations (NPO) are the organizations that are made with an objective of…

Q: Financial resources of a college or university that are currently expendable at the discretion of…

A: Answer: Option C

Q: Which organization is responsible for issuing reporting standards for private not-for-profit…

A: A type of business organization that does not focus on earning profits for its owners but works for…

Q: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in…

A: The primary objective of not-for-profit organizations is to serve a social or community need,…

Q: Which one is not related to Non-profit organization? Select one: a. Sales in market b. Community…

A: Non profit organization means the activites which is not run for earning the profit but for…

Q: 7. Scholarships for students' tuition and fees that are being paid from grants the university…

A: a. A reduction of tuition and fee revenues.When scholarships are awarded to students and are used to…

Q: 18 Government expenditure includes all public consumption, investment, and transfer payment. Which…

A: The word "current expenditure" refers to the government's short-term payments that must be made…

Q: What is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales…

A: Non-profit organization: It can be defined as a type of business entity that runs for a social cause…

Q: Non-profit organization

A: For a Non-Profit organization, fees collected from students is an income.

Q: 1. ACCOUNTING FOR COLLEGES AND UNIVERSITIES • What Unique Issues do Colleges and Universities Face?…

A: Since you have asked multiple questions, we will solve the first question for you. if you want any…

Q: What financial statements are required for private not-for-profit colleges and universities?

A: Financial statement: Financial statement is a summary of all accounting transactions. The…

Q: Write a detailed report covering the following topics: 1. ACCOUNTING FOR COLLEGES AND UNIVERSITIES…

A: ----> Most of the colleges are classified as non-profit organization. Accounting for non-profit…

Q: What differences besides the names and contents of the three basic statements would a financial…

A: It is as same as public company private company & non profit organisation in accounting terms.…

Q: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations

A: Not for profit organisations are formed to render services to the society. Thee main purpose of…

Q: Question 1 Which of the following descriptions is not true of state university systems? O State…

A: A. State universities can create non-profit organizations to solicit endowments, hold investments,…

Q: The three major items on a balance sheet of a non-profit include all but which of the following___…

A: Company who specifically does not work for the profit but for the welfare of society is known as…

Q: 1) What are the functions and Objectives of not-for profit organizations?

A: Not for profit organisations (NPO) are the organisations which are formed not for the purpose of…

Q: 1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

on are some wong.
19. List and explain the two classes of net assets for private, not-for-profit colleges and universities

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Main Answer:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Identify some difference between private organization and nonprofit organization?
Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all. Transaction Answer 1. Legally restricted gains. 2. Expenses reported by functional classification. 3. Contributions of services that do not create or enhance nonfinancial assets or require special skills. 4. Costs of collection items not capitalized by the NFP. 5. Board-designated endowment. 6. Expenses reported by natural classification. 7. Conditional promise to give if the barrier has not been overcome. 8. Unconditional promises to give cash with amounts due in future periods. 9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset. 10. Investment return on a donor-restricted
Detailed answer
What is the difference between For-profit organizations and Not-for-profit organizations?
7. A not-for-profit university receives a contribution without donor restrictions of $200,000. In its statement of cash flows, the contribution should be shown as a cash inflow from a. noncapital financing activities. b. capital financing activities. c. operating activities. d. investing activities.
A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accounts
Explain the basic composition of financial statements produced for a private not-for-profit entity.
In a statement of cash flows of a not-for-profit healthcare entity, what are the statement’s main sections?
Conceptual 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.