Business

Finance

The three major items on a balance sheet of a non-profit include all but which of the following___ Group of answer choices Net income Liabilities Assets Fund equity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 7Q: Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For...

See similar textbooks

Related questions

Q: The financial reporting for private not-for-profit entities primarily focuses on Basic information…

A: Option a. The primary focus of the not-for-profit entity while financial reporting, is basic…

Q: Identify the letter that best describes the accounting and reporting by the following funds and…

Q: Which of the following statements is prepared by all not-for-profit organizations? a. b. C. d.…

A: Not for profit organisations are those organisations for which main motive is not to earn profits…

Q: Presented below are financial statements (except cash flows) for two not-for-profit organizations.…

A: Answer - Part 1 - Program Expenses Ratio - = Total Program Service Expenses / Total Expenses.…

Q: State the various types of contributions that a private not-for-profit entity can receive.

A: Types of contributions that a private not for profit entity can receive are: Cash contributions In…

Q: identifying four of the financial statements a for-profit organization will compile. Define them,…

Q: What information do financial statement users want to know about a not-for-profit entity?

A: Non profit entity is an entity which is operating to achieve objectives of public welfare and main…

Q: d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: 187. Which of the following funds should be reported as part of local government's governmental…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the uses of Mutual Funds. a) Asset-Liability Matching b) Employee Retirement Funding c)…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: What are the three basic financial statements required for private, nonprofit colleges and…

A: Financial statements are those statements which are prepared by the business and these statements…

Q: In its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group…

A: A balance sheet of non profit differs from for-profit firms in a way that there is no owners and…

Q: Please answer with reason why the option is correct and why remaining options are incorrect Which of…

A: Organization- An organization is a group of people who work together to achieve a common goal or…

Q: What are the objectives of financial reporting of not-for-profit organizations?

A: Not-for-profit organizations: Not-for-profit organizations are those organizations that run not for…

Q: SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal…

A: Financial statements are those statements and reports which are prepared at the end of accounting…

Q: Which of the following is true regarding a not-for-profit organization’s reporting of gains and…

A: Given: The gains and losses reported on the purchased investment with the assets which is restricted…

Q: What is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales…

A: Non-profit organization: It can be defined as a type of business entity that runs for a social cause…

Q: ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust…

A: ALM (Asset Liability Management) commonly used for managing the finacial risk.

Q: Non-profit organization

A: For a Non-Profit organization, fees collected from students is an income.

Q: Which of the following statements is true?a. All not-for-profit organizations must include a…

A: Statement of functional expenses are those statements functional expenses that are classified by…

Q: hat are the objectives of financial reporting of not-for-profit organizations?

A: Not for profit organizations are those organizations which are not meant for the purpose of profit…

Q: Which one of the following is a correct statement about the nontax characteristics of a pooled…

A: Pooled income fund is a kind of charitable trust. It is basically a mutual fund that contains gifts…

Q: In reporting the functional expenses of a not-for-profit entity, what are the two general types of…

A: In reporting the functional expenses of a not-for-profit entity, there are two types of expenses:…

Q: example of whe

A: Introduction 1. Enterprise funds 2. Internal service funds

Q: Which of the pairings below related to measurement focus and basis of accounting is correct for the…

A: Solution Nonprofit entities measurement focus is economic resources. Nonprofit entities missions…

Q: 1) What are the functions and Objectives of not-for profit organizations?

A: Not for profit organisations (NPO) are the organisations which are formed not for the purpose of…

Q: Is there a difference between a balance sheet of a profit organization with a non-profit…

A: Yes, a balance sheet of a profit organization is different from the balance sheet of a non-profit…

Q: What is the difference between a balance sheet of a non profit organization and a for - profit…

A: The non-profit organizations are those which generlly received funds from donors and spend these…

Q: Required: a. Calculate the effect on Lakeside's operating income of accepting the order from the…

A: Fixed overheads refer to the cost that remains fixed but cannot be allocated to the services or…

Q: What are the three categories of net assets required by GAAP in reporting a not- for-profit…

A: Meaning of GAAP The full form of GAAP is Generally Accepted Accounting Principles and GAAP are the…

Q: What are the sources of funds received by the Not-for-Profit Organization?

A: Business is considered a commercial institution that is engaged in the attainment of business…

Q: 3) What are the FASB standard require that non-profit organization in financial statements?

A: Statement of Financial Accounting Standard (SFAS) numbers 116 & 117 describe how non -…

Q: Explain the difference between the three classifications of donor's contribution to a not-for profit…

A: Not for profit organisation are those organisation which run only for the purpose of benefit of…

Q: What are the 3 major financial statements required for all for-profit entities? Contrast those with…

A: Financial statement: Financial statements are written documents that represent a company's…

Q: A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity…

A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company. The…

Q: Ability to issue donors official tax receipts

A: Charitable organisation (and, in certain situations, of charity) varies by nation and, in other…

Q: Explain the basic composition of financial statements produced for a private not-for-profit entity.

A: Introduction Non-Profit Organisations are the organisations working for the welfare of the society.…

Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…

A: Not for Profit Organization is a form of business in which the motive is not to earn profits but…

Q: Conceptual frameworks issued by the IASB apply only to: Select one: a. both non-profit…

A: The company will prepare the financial statement as per the nature, and operations conducted by that…

Q: Differentiate between public support and revenues as sources of assets for private not-for-profit…

Question

The three major items on a balance sheet of a non-profit include all but which of the following___

Group of answer choices

Net income

Liabilities

Assets

Fund equity

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Non-profit organization

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

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 process
Please answer with reason why the option is correct and why remaining options are incorrect Which of the following statements is prepared by all not-for-profit organizations? Statement of financial position. a. b. C. d. Statement of functional expenses. Statement of revenues, expenses, and changes in net position. Both A and B.
Which of the following statements is prepared by all not-for-profit organizations? O Statement of changes in net position. O Both Statement of financial position and Staternent of changes in net position. O Statement of financial position. O Statement of revenues, expenses, and changes in net position.
Topic: Accounting For Non-Profit Organization
What is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales goods c. Goods service d. All the other points
The 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 account
What is the difference between a balance sheet of a non profit organization and a for - profit business ?
What information do financial statement users want to know about a not-for-profit entity?
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.
Please answer with reason for all why the option is correct and why the other options are incorrect 13. An increase in net assets for a not-for-profit organization that would be labeled exchange revenue rather than support is: A. A donation. B. Special events. C. A pledge. D. Investment income.
Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
Select 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?