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 2Q
To determine
Explain the differences in the preparation and presentation of operating statement between the governmental and nongovernmental not-for-profit organization.
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Define 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?
Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.
GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for:
a. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity.
b. Governments engaged in business-type activities only.
c. Governments engaged in fiduciary-type activities only
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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- What information do financial statement users want to know about a not-for-profit entity?arrow_forwardConceptual frameworks issued by the IASB apply only to: Select one: a. both non-profit and for-profit entities. b. non-profit entities. c. for‐profit entities. d. public sector entities.arrow_forwardWhat are the three categories of net assets required by GAAP in reporting a not- for-profit organization?arrow_forward
- (Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.arrow_forward3) What are the FASB standard require that non-profit organization in financial statements?arrow_forwardThe Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.arrow_forward
- Explain Not-for-profit entities.arrow_forwardDifferentiate accounting for government and not-for-profit organization from a business enterprise.arrow_forwardA 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
- Explain the basic composition of financial statements produced for a private not-for-profit entity.arrow_forwardDescribe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities pleasearrow_forwardHow does an audit opinion given to a nonprofit entity by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business. Provide an example of a non-profitarrow_forward
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