Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

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Answer 1

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

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Students have asked these similar questions

Who should set accounting standards? A government agency or private body such as the FASB?

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Answer 2

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

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Answer 3

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

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Answer 4

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

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Answer 5

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 6

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 7

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Answer 8

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 14 - Prob. 1Q Ch. 14 - Prob. 2Q Ch. 14 - Prob. 3Q Ch. 14 - What is the value of reporting expenses by...Ch. 14 - Prob. 5Q Ch. 14 - Prob. 6Q Ch. 14 - What criteria must be met before an NFP...Ch. 14 - Prob. 8Q Ch. 14 - What are joint costs, and how are joint costs...Ch. 14 - Prob. 10Q

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Explanation of Solution

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