Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 14, Problem 14.10EP
To determine
Identify the situation where the intermediary organization must report the contribution revenue from donors.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Describe how monies received by an organization functioning as an agent, trustee, or intermediary, rather than as a donor or donee, are accounted for. What may be the rationale for the discrepancies?
How does using the accounting support fee to fund the FASB create more independence than using donations?
A voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Choose the correct.a. Separates current unrestricted and current restricted funds.b. Separates program service expenses from supporting service expenses. c. Separates cash expenses from noncash expenses.d. Separates fixed expenses from variable expenses.
Chapter 14 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - What is the value of reporting expenses by...Ch. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - What criteria must be met before an NFP...Ch. 14 - Prob. 8QCh. 14 - What are joint costs, and how are joint costs...Ch. 14 - Prob. 10Q
Ch. 14 - Prob. 11CCh. 14 - Prob. 13CCh. 14 - Prob. 14.1EPCh. 14 - According to GAAP, all not-for-profit...Ch. 14 - Prob. 14.3EPCh. 14 - In a local NFP elementary schools statement of...Ch. 14 - Prob. 14.5EPCh. 14 - Prob. 14.6EPCh. 14 - The Maryville Cultural Center recently conducted a...Ch. 14 - Prob. 14.8EPCh. 14 - Prob. 14.9EPCh. 14 - Prob. 14.10EPCh. 14 - Prob. 14.11EPCh. 14 - Prob. 14.12EPCh. 14 - Prob. 14.13EPCh. 14 - Prob. 15EPCh. 14 - Donated Services. (LO14-3) Indicate whether each...Ch. 14 - Prob. 17EPCh. 14 - Prob. 18EPCh. 14 - Prob. 19EPCh. 14 - Statement of Activities. (LO14-3) The Atkins...Ch. 14 - Prob. 21EPCh. 14 - Prob. 22EPCh. 14 - Prob. 23EPCh. 14 - Prob. 24EPCh. 14 - Prob. 25EP
Knowledge Booster
Similar questions
- Which of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.arrow_forwardExplain the accounting for funds received by an organization acting as an agent, a trustee, or an intermediary, rather than as a donor or donee. What might be the reasoning for the differences?arrow_forwardWhich of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.arrow_forward
- Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair valuearrow_forwardA voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Separates current unrestricted and current restricted funds. Separates program service expenses from supporting service expenses. Separates cash expenses from noncash expenses. Separates fixed expenses from variable expenses.arrow_forwardA 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?arrow_forward
- A fund represents part of the activities of an organization which is separated from other activities in the accounting records to demonstrate compliance more easily with legal restrictions or limitations. True or False?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_forwardWhich of the following is a distinguishing characteristic of proprietary funds? Select one: O a. They recognize revenues when they are measurable and available O b. They always earn sufficient revenues to cover their expenses O C They are legally prohibited from selling services to other governmental agencies O d. They charge fees for the services they providearrow_forward
- Explain the role of voters as one of the causes of inefficiencies underlying the publicchoicearrow_forwardWhich of the following statements is correct? Multiple Choice A contribution receivable should be recognized as an asset when the amount can be reasonably estimated AND the ultimate collection is reasonably assured. A contribution receivable should be recognized as an asset when the amount can be reasonably estimated OR the ultimate collection is reasonably assured. Bequests are accrued at the time the donor advises the NFPO of the gift. Government funding is recognized as contribution revenue as long as the government is the direct recipient of the good or service. Group Endsarrow_forwardAmounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributionsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Intermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Cengage Learning