Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Chapter 1, Problem 1.9E
To determine
Identify the correct answer related to nonprofit organizations.
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Which of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theater
Which of the following best describes a non-profit organization?
One in which the leadership is governed by a board of directors
O One in which the workforce is made up of volunteers
O One that reinvests profit into the organization instead of distributing it to owners
One that relies solely on private donations for the organization's financial needs
2) Write about formation and structure of not for profit
organizations.s
Chapter 1 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 1 - Discuss (a) the similarities in accounting for...Ch. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Contrast the terms expense and expenditure.Ch. 1 - It was noted in this chapter that most of the...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - In which of the following situations would the...Ch. 1 - Legally adopted budgets of governmental funds are...Ch. 1 - Which of the following statements is false? A fund...Ch. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - (Expenditures vs. Expenses) Family Services, a...Ch. 1 - (Statement of Revenues and ExpendituresWorksheet)...Ch. 1 - Prob. 2P
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- Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.arrow_forwardWhich of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs do fastarrow_forwardWhat are the financial reporting goals of not-for-profit organizations?arrow_forward
- Which of the following is likely not a type of not-for-profit entity? public library community foundation university local movie theaterarrow_forwardWhat are the objectives of financial reporting of not-for-profit organizations?arrow_forwardDefine 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?arrow_forward
- 3) What are the FASB standard require that non-profit organization in financial statements?arrow_forwardSelect one of the following nonprofit organizations:1.The American Accounting Association2.American Red Cross3.United Way4.American Cancer Society5.American Institute of CPAsUse the Annual Report of the organization you have selected to:a. Identify the financial statements that the entity presents and what additional disclosure it presents.b. Analyze how contributions are recognized (contributions revenues). Does the organization have net assets with restrictions imposed by donors? What is the nature of the restrictions?arrow_forwardWhich of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is regularly carried on by the organization. B. The individuals who perform substantially all of the work are volunteers. C. The activity is carried on for the benefit of its members. D. The majority of the items sold have been donated to the organization.arrow_forward
- Which one is not related to Non-profit organization? Select one: a. Sales in market b. Community service c. Religious service d. Museumsarrow_forward9) What are the sources of funds received by the Not-for-Profit Organization?arrow_forwardWhat are the needed qualities for individuals in charge of governance in a charity organization? Use relevant examples in explaining your answer.arrow_forward
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