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 14, Problem 14.2EP
According to GAAP, all not-for-profit organizations are required to prepare only the following statements:
- a. A statement of activities, a statement of
cash flows , and a statement of functional expenses using accrual accounting. - b. A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.
- c. A
statement of financial position and a statement of activities using accrual accounting. - d. A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.
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Which of the following accounting rules apply to all not-for-profit organizations? (Select all that apply.)
The financial statements must include a statement of functional expenses
The balance sheet must segregate assets according to restrictions on their use.
The balance sheet must segregate current assets from long-term assets.
The balance sheet must show reserves for likely amount of bad debts.
Equipment must be reported net of accumulated depreciation.
The activity statement must report expenses as decreases in net assets with donor restrictions.
The activity statement must segregate revenues according to restrictions on their use.
Which of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authorities
Answer two questions please
1-What are the objectives of financial reporting of not-for-profit organizations?
2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
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
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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
- Which of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.arrow_forwardGAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.arrow_forwardRevenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods? A. accrual basis accounting B. cash basis accounting C. tax basis accounting D. revenue basis accountingarrow_forward
- A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accountsarrow_forwardUS GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. A. Financial performance results B. Taxes C. Government records D. Audit resarrow_forwardExplain the usefulness of Financial statement information to the following stakeholders: Financial Analysts Employee Debtors Government Agencyarrow_forward
- How should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.arrow_forwardThe IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in details the differences between Cash Basis and Accrual Basis , and the reasons why there is a move from the Cash Basis to the Accrual Basis.arrow_forwardThe IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in details the differences between Cash Basis and Accrual Basis (where applicable, use examples to support your answers), and the reasons why there is a move from the Cash Basis to the Accrual Basis.arrow_forward
- The IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in detail the differences between Cash Basis and Accrual Basis (where applicable, use examples to support your answers), and the reasons whythere is a move from the Cash Basis to the Accrual Basis.arrow_forwardThe statement of income & expenditure account and revenue & payment account is related to ...... Select one: a. Government accounts b. None of the other points c. Corporate accounts d. Non profit organization accountsarrow_forwardWhich of the following statements is prepared by all not-for-profit organizations? O Statement of changes in net position. O Both Statement of financial position and Staternent of changes in net position. O Statement of financial position. O Statement of revenues, expenses, and changes in net position.arrow_forward
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