The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.What is the difference between revenue and public support?What is the significance of the statement of functional expenses?What accounting process does a private charity use in connection with donated materials?What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?Under what conditions should the entity record donated services?What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?

1. State the difference between revenue and public support:

Answered: The following questions concern the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.

What is the difference between revenue and public support?
What is the significance of the statement of functional expenses?
What accounting process does a private charity use in connection with donated materials?
What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?
Under what conditions should the entity record donated services?
What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?
A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?

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