grants and donations

What are the distinguishing charasteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?

Under FASB standards, expenses of a not-for-profit organization can only be shown as reductions of net assets without donor restrictions. O True O False

This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund.  Problem b:  Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed.   Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…

A Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements?       Statement of financial position and statement of activities       Statement of financial position, statement of activities, and statement of cash flows     Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses     Statement of financial position, statement of activities, and statement of functional expenses Choose one

Which of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.

please help me to solve this problem

Which of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is regularly carried on by the organization. B. The individuals who perform substantially all of the work are volunteers. C. The activity is carried on for the benefit of its members. D. The majority of the items sold have been donated to the organization.