Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 18, Problem 3Q
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Explain the financial statements required for private not for profit colleges and universities.
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What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?
What is the most common form for the financial statements prepared by public colleges and universities?
What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?
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- What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?arrow_forwardAnswer the question please What are restricted assets and how are they shown in the financial statements? Explain how restricted gifts and grants are reported by a public college or university and a private college or university?arrow_forwardCan you distinguish between the accounting treatment of time-restricted pledges by private and public sector colleges and universities?arrow_forward
- What information do financial statement users want to know about a not-for-profit entity?arrow_forwardWhich 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 abovearrow_forwardon are some wong. 19. List and explain the two classes of net assets for private, not-for-profit colleges and universitiesarrow_forward
- What are the financial reporting goals of not-for-profit organizations?arrow_forwardWhy do we need accounting for non-profit organizations?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
- Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.arrow_forwardWhich of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.arrow_forwardWhat is the difference between For-profit organizations and Not-for-profit organizations?arrow_forward
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