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- Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by both natural classification and function. Which of the following is/are acceptable approaches? Within the notes to the financial statements As a separate statement/schedule Within the statement of activities Within the statement of financial positionWhich of the following statements are correct in relation to reporting requirements for a non- business entity? Organizations using fund accounting are not required to report on the entity as a whole Organizations that choose to report on the entity as a whole are not permitted to use fund accounting Organizations using fund accounting are required to report on the entity as a whole Organizations that use fund accounting have the option of reporting either on the funds or on the organization as a whole
- Which of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.Define Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit organizations from nongovernmental, not-for-profit organizations. Why is such a distinction necessary? Mention the objectives of financial reporting of not-for-profit organizations?Explain the accounting for funds received by an organization acting as an agent, a trustee, or an intermediary, rather than as a donor or donee. What might be the reasoning for the differences?
- How should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.Which of the following accounting rules apply to all not-for-profit organizations? (Select all that apply.) The financial statements must include a statement of functional expenses The balance sheet must segregate assets according to restrictions on their use. The balance sheet must segregate current assets from long-term assets. The balance sheet must show reserves for likely amount of bad debts. Equipment must be reported net of accumulated depreciation. The activity statement must report expenses as decreases in net assets with donor restrictions. The activity statement must segregate revenues according to restrictions on their use.Choose the correct. The financial reporting for private not-for-profit entities primarily focuses on:a. Basic information for the organization as a whole.b. Standardization of fund information reported.c. Inherent differences of various not-for-profit entities that impact reporting presentations.d. Distinctions between current fund and noncurrent fund presentations.
- In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing for the segregation of resources into distinct categories based on their source, restrictions, and purpose. True falseDifferentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?Which of the following is true regarding a not-for-profit organization’s reporting of gains and losses on investments purchased with permanently restricted assets?a. gains and losses can only be reported net of expenses in the statement of activities.b. unless explicitly restricted by donor or law, gains and losses should be reported in the statement of activities as increases or decreases in unrestricted net assets.c. gains may not be netted against losses in the statement of activities.d. unless explicitly restricted by donor or law, gains and losses should be reported in the statement of activities as increases or decreases in permanently restricted net assets.