Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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What is the difference between a balance sheet of a non profit organization and a for - profit business ?
Please help with the following: Review FASB Statement of Financial Accounting Concept No. 1, No. 4, and No. 8, as well as GASB Statement No. 1. Compare the financial reporting needs of the users of governmental, nonprofit, and for-profit entities.
Identify a local government, nonprofit, and for-profit business in your community, and describe the resource providers/users for each type of organization. Explain the need for information for each resource provider/user group. Discuss how the objectives of the financial reporting listed for each type of organization meet these needs.
Which of the following statements is/are true? i. Information is the raw material for data processing. ii. External sources of information include an organization's financial accounting records. III. The main objective of a non-profit making organization is usually to provide goods and services.
I and III only
I, II, and III
II and III only
III only
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- Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_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_forwardWhich of the following best defines stakeholders? A. investors and lenders B. environmental groups C. anyone directly or indirectly affected by the organization D. groups or individuals financially impacted by the organizationarrow_forward
- Which 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_forward1.Explains the importance and role of the business fund (business activities) in government entities.2. How company fund accounting (business activities) compares to accounting for a for-profit company.arrow_forwardQ: What are the 3 major financial statements required for all for-profit entities? Contrast those with the financial statements required for not-for-profit entities.arrow_forward
- Differentiate accounting for government and not-for-profit organization from a business enterprise.arrow_forwardDistinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.arrow_forwardIs there a difference between a balance sheet of a profit organization with a non-profit organization?arrow_forward
- “Income and Expenditure Account of a Not-for-Profit Organisation is akinto Profit and Loss Account of a business concern”. Explain the statement.arrow_forwardIn its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group of answer choices Total assets - Liabilities = Shareholders' equity Total assets + shareholders' equity = Liabilities Total assets + Liabilities = Shareholders' equity Total assets = Liabilities + Fund equityarrow_forward13. Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in accounting.arrow_forward
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