Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?

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 financial reporting for private not-for-profit entities primarily focuses on Basic information…

A: Option a. The primary focus of the not-for-profit entity while financial reporting, is basic…

Q: Which of the following funds is used to account for government sponsored investment pools that…

A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…

Q: How fund structures and financial reports of not-for profit differ from those of governments?

A: Non-profit organizations: These are the organizations established not with the intention of earning…

Q: Which of the following funds does not get consolidated into the Governmental Activities section of…

A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…

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: Which of the following is a distinguishing characteristic of proprietary funds? Select one: O a.…

A: Government accounting: Government accounting can be defined as the process of recording the…

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: In a governmental fund, which of the following is considered an expenditure? a. The purchase of a…

A: Expenditure: It can be defined as a payment that is made either via cash or credit card to purchase…

Q: What information do financial statement users want to know about a not-for-profit entity?

A: Non profit entity is an entity which is operating to achieve objectives of public welfare and main…

Q: 187. Which of the following funds should be reported as part of local government's governmental…

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

Q: Under what conditions does a not-for-profit entity record donated services?

A: For a not for entity, donated services are a good part of revenue for not for profit entities.…

Q: benefits ofered by government for employees in Explain in which category of funds are these benefits…

A: Retirement and pension benefits are given to a retired government official to make sure that they…

Q: If we "measure what matters" in a not-for-profit, what activities could they be measuring that are…

A: Not-for-profit organizations run for a specific social objective. These kinds of organizations don’t…

Q: It is important to understand the difference between custodial and trust funds. How many financial…

A: However, custodial funds are not covered in any trust fund types under the GASB criteria. People,…

Q: Which of the financial statements described below is prepared by the general fund of a state or…

A: The annual financial reports prepared by the government bodies are referred as governmental…

Q: Why is Fund Accounting important to governmental organizations in the wider world?

A: Step 1   Fund accounting is an accounting system focus on accountability and transparency rather…

Q: The following questions concern the accounting principles and procedures applicable to a private…

A: 1. State the difference between revenue and public support:

Q: If we "measure what matters" in a not-for-profit, what activities could they be measuring that are…

A: Not-for-profit organizations run for a specific social objective. These kinds of organizations don’t…

Q: Which governmental fund includes resources that are legally restricted so that the governmental…

A: Government needs to collect funds for different purposes such as meeting regulatory requirements,…

Q: SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal…

A: Financial statements are those statements and reports which are prepared at the end of accounting…

Q: What is the underlying reason a governmental unit uses separate funds to account for its…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust…

A: ALM (Asset Liability Management) commonly used for managing the finacial risk.

Q: Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and…

A: This was related to the reporting of the financial statement of the government entity.  The purpose…

Q: Choose the correct. The financial reporting for private not-for-profit entities primarily focuses…

A:

Q: State the meaning of ‘Not- for- Profit’ Organisations.

A: Not for profit organisations are also known as non business entity. These organisations are not…

Q: scribe the reporting of Board Designated resources.

A: Board-designated funds refer to those funds or assets which are restrictions free from the donor's…

Q: 1.Explains the importance and role of the business fund (business activities) in government…

A: 1. The importance and role of the business fund (business activities) in government entities are ;…

Q: In reporting the functional expenses of a not-for-profit entity, what are the two general types of…

A: In reporting the functional expenses of a not-for-profit entity, there are two types of expenses:…

Q: Which of the pairings below related to measurement focus and basis of accounting is correct for the…

A: Solution Nonprofit entities measurement focus is economic resources.  Nonprofit entities missions…

Q: What is the general rule for recognizing property taxes as revenues? How would property taxes be…

A: According to the definition of Property Tax Money, it is the amount of revenue earned by the…

Q: What is the purpose of enterprise funds? Choose the correct.a. To account for operations that…

A: The correct answer is Option (d).

Q: Would the financial emphasis of the balanced Scorecard be appropriate for nonprofit entities?

A: Nonprofit entities mainly focus on operational activities and their focus/goal is not making profit…

Q: What are a not-for-profit business's sources of fund capital?

A: The not-for-profit business referred to that business that are conducting the business activities…

Q: What is the difference between For-profit organizations and Not-for-profit organizations?

A: Not for profit organization: An organization in which no owner, stockholder, or trustee shares in…

Q: Which of the following identifies the reason that we need reconciliations between governmental funds…

A: To identifies the reason that we need reconciliations between governmental funds and government-wide…

Q: A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity…

A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company. The…

Q: What are examples of various types of business-type funds used in governmental units? How are…

A: Fund used by Government Units: When the federal government completes tax-supported activities, a…

Q: Explain the basic composition of financial statements produced for a private not-for-profit entity.

A: Introduction Non-Profit Organisations are the organisations working for the welfare of the society.…

Q: Distinguish between not-for-profit and for-profit corporations.

A: Corporation: A business concern where there is a separate legal entity, and are owned by…