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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Question
Chapter 14, Problem 14.8EP
To determine
Identify the criteria to report the program service expenses.
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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.
A 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.
How does a voluntary health and welfare organization account for donated goods and cash contributed for operating purposes ? What types of revenues are recognized by voluntary health and welfare organizations ?
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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- 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 onearrow_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_forwardA private not-for-profit entity sends a direct mail solicitation for monetary donations. Other information is included with the mailing. Under what conditions can the organization report part of the cost of this mailing as a program service cost rather than as purely a fund-raising cost?arrow_forward
- 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?arrow_forwardWhich one is not related to Non-profit organization? Select one: a. Sales in market b. Community service c. Religious service d. Museumsarrow_forwardA nonprofit analyst seeks to determine which variables should be used to predict nonprofit charitable commitment, a nonprofit organization commitment to its charitable purpose. Two independent variables under consideration are Revenue, a measurement of total revenue, in billions of dollars, as a measure of nonprofit size X₁ and Efficiency, a measurement of the percent of private donations remaining after fundraising expenses as a measure of nonprofit fundraising efficiency X2. The dependent variable Y is Commitment, a measurement of the percent of total expenses that are allocated directly to charitable services. Data are collected from a random sample of 98 nonprofit organizations, with the results provided in the accompanying table. Complete parts (a) and (b) below. Click the icon to view the table of results. a. Construct 95% confidence interval estimates of the population slope between commitment and revenue and between commitment and efficiency. The 95% confidence interval…arrow_forward
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- 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?arrow_forwardPlease answer with reason why the option is correct and why remaining options are incorrect Which of the following statements is prepared by all not-for-profit organizations? Statement of financial position. a. b. C. d. Statement of functional expenses. Statement of revenues, expenses, and changes in net position. Both A and B.arrow_forwardThe amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountarrow_forward
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