Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 13, Problem 17.2EP
To determine
Identify the items the organization is subject to while applying for the not-for-profit status.
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Chapter 13 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - Prob. 10Q
Ch. 13 - Jan and Dean decided to form a charitable...Ch. 13 - Prob. 17.2EPCh. 13 - Prob. 17.3EPCh. 13 - Prob. 17.4EPCh. 13 - Prob. 17.5EPCh. 13 - Prob. 17.6EPCh. 13 - Prob. 17.7EPCh. 13 - Prob. 17.8EPCh. 13 - Prob. 17.9EPCh. 13 - When a tax-exempt organization dissolves, the...Ch. 13 - Prob. 18EPCh. 13 - Use Illustration 13-4 as a guide in completing...Ch. 13 - Prob. 20EPCh. 13 - Prob. 21EPCh. 13 - Prob. 22EP
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- A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsarrow_forward(Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.arrow_forwardThe committee of the board of directors who is in charge of monitoring circumstances that might prevent the entity from achieving their objectives Group of answer choices Management committee Audit committee Compensation committee Risk committeearrow_forward
- How does the audit opinion given to this nonprofit entity by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business? What are some significant differences you see between the report you just reviewed and a for-profit statement?arrow_forwardAccounting purpose of Governmental and not-for-profit organizations are different from business organizations due to the following reasons EXCEPT: a. Different purposes in society O b. Financed by resource providers who do not expect benefits proportional to the resources they provide c. Management has a special duty to be accountable for how resources are used in providing services O d. Accountable to the stakeholders of an organizationarrow_forwardWho should set accounting standards? A government agency or private body such as the FASB?arrow_forward
- Expound this statement: The Board should adopt a Code of Business Conduct and Ethics, which would provide standards for professional and ethical behavior, as well as articulate acceptable and unacceptable conduct and practices in internal and external dealings. The Code should be properly disseminated to the Board, senior management and employees. It should also be disclosed and made available to the public through the company website.arrow_forwardDefine 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?arrow_forwardWhat are some ways a board can train their employees to be effective in its financial decision making ?arrow_forward
- Companies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement? Financial reporting Government reporting Effective operations. Compliancearrow_forwardWhat are some ways an audit report for a government differs form an audit report for a for-profit organization?arrow_forwardState and local governments and not-for-profit organizations that receive grants or contracts from the federal government should charge costs of these grants or contracts in conformity with: a) Cost Accounting Standards Board standards. b) Office of Management and Budget circulars. c) Financial Accounting Standards Board standards. d) Governmental Accounting Standards Board standards.arrow_forward
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