FASB Standard No. 164, describe the differences between mergers and acquisitions for not-for-profit organizations/
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- Explain Not-for-profit entities.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.What are the three categories of net assets required by GAAP in reporting a not- for-profit organization?
- 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?Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as business-type entities.Provide justification for your recommendation to consolidate or not consolidate the entities in the following case (draw on the FASB codification, be specific, cite): The not-for-profit 'A' is engaged in a limited partnership with another not- for-profit 'B' A’ has the right to select the Name and the auditors of entity 'B'.
- 3) A nongovernmental, not-for-profit entity is subject to: GASB FASB A) I only B) II only C) a combination of I and II depending on the entity's purpose D) neither I or II13. Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in accounting.If a corporation merges, what company's articles of incorporation and bylaws will be used?