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 15, Problem 15.2EP
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Identify the financial statement prepared by both private and public college and university.
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Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the above
Financial statements generally include all BUT which of the following? Group of answer
choices A. Income statement B. Government income tax return C. Balance sheet D.
Statement of cash flows
Which of the following accounts are used as income statement-like accounts in investment trust funds, private purpose trust funds, and custodial funds?
Assets and liabilities
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None of these
Chapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EPCh. 15 - Prob. 23EP
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- By selecting one among the Balance Sheet, Income Statement, Cost of Sales Table, Fund Flow Statement and Cash Flow Statement; Briefly describe the definition, scope, purpose of arrangement and importance for financial statement users.arrow_forwardWhat is the most common form for the financial statements prepared by public colleges and universities?arrow_forwardThe cash basis and accrual basis of accounting in the public sector in terms of A. Recognition of revenue B. Recognition of expenditure C. Disclosure of non financial assets D. Notion of depreciation Please answer part A-Darrow_forward
- Which of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fundarrow_forwardWhich 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_forwardExplain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gencyarrow_forward
- When income is to be recognized on cash basis. by Safe Trust Bank, a distinction should be made between a. Banking and Non-banking assets b. Monetary and Non-banking assets c. Current and Non-current assets d. Performing and Non-performing assetsarrow_forwardWhich of the following must appear in a public document? a. Donations of immovable property b. Donations of personal property c. Agreements regarding payment of interest in contract of loan d. Chattle mortgagearrow_forwardChoose the correct. Which of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.arrow_forward
- 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 authoritiesarrow_forwardWhich of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.arrow_forwardAccess the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.arrow_forward
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