Accounting For Governmental & Nonprofit Entities
Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 1, Problem 19.10EP

The primary reason that not-for-profit (NFP) organizations should report expenses incurred for program purposes separately from those for supporting services such as management and general and fund-raising is that

  1. a.      GASB standards require it.
  2. b.      Program managers need information about the cost of activities for which they are responsible.
  3. c.       Top managers need to know how much they are spending for nonprogrammatic management and general support.
  4. d.      Donors, potential donors, oversight bodies, and others need to know what percentage of total expenses are being incurred for carrying out the NFP’s programs.
Blurred answer
Students have asked these similar questions
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
During an internal audit of a non-profit organization, it is found that there is a lack of clear policies for donor fund management. What should the auditor recommend to enhance governance and transparency? ○ A. Cease accepting donations until a solution is found. B. Limit the number of donors to reduce complexity. OC. Suggest that an external body manage the donor funds. O D. Develop and implement comprehensive donor fund management policies.
A board sets aside resources to earn investment income to support general operations. Would the resources set aside be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Text book image
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Text book image
Entrepreneurial Finance
Finance
ISBN:9781337635653
Author:Leach
Publisher:Cengage
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license