FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theater
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- 3. Charity Navigator (https://www.charitynavigator.org) is a website dedicated to providing information regarding not-for-profit charitable organizations. After reviewing the website, explain how not-for-profit organizations are rated. Explain why there is a need for the type of information provided by Charity Navigator. Choose one to two charities listed in the website. Explain the information provided about the charity (financial and nonfinancial), the rating of the charity, and any other relevant factors.arrow_forwardWhat are the distinguishing characteristics between a public charity and a private foundation? what is a public support test and how does it relates to public charities and private foundations?arrow_forwardWhat 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?arrow_forward
- State and local governments are accountable to much more than private investors. They are accountable to the community as a whole. Communities are required to publish a comprehensive annual financial report (CAFR). Please locate a state or local government’s comprehensive annual financial report (CAFR) and answer the following questions: How does the CAFR compare to a traditional for-profit business? What are the major sources of revenue and expenditures? Do you feel that this entity is healthy and what are some areas of improvement?arrow_forwardJustify the presentation of the required accounting and financial reports to a city, when it uses funds, such as Capital project funds or Debt services funds, including the notes to the reports?arrow_forwardWhich 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.arrow_forward
- For each of the following indicate the fund (or funds), if any, in which you think the activity should be accounted for and reported. If you think the fund should be a fiduciary fund, then indicate the type of fund; if a governmental or proprietary fund, then so state. Provide a brief explanation for your response. The Jackson School District holds all funds of the foundation that supports the Jackson High School football team. The foundation is governed by a board of advisors, the members of which are selected by a committee of other advisors. The District performs no administrative functions other than depositing the funds in a checking account and writing checks as directed by the foundation. Virginia State University requires that all cash collected by university‐sponsored clubs be held in university maintained accounts and that all disbursements be approved by the Assistant Dean of Students, consistent with policies and procedures established by the university. Using general…arrow_forwardPlease describe and illustrate the kinds of restrictions that doners may impose on the use of resources they contribute to nonprofits.arrow_forward
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