1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.

Q: Explain Not-for-profit entities.

A: Earnings: The bottom line of income statement which is the result of excess of earnings from…

Q: A primary distinction between the flow of resources through a business enterprise and through a…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

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: 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: Which of the following statements is false? a.    The monetary unit assumption is used under IFRS.…

A: International Financial Reporting Standards (IFRS): IFRS is a set of international accounting…

Q: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

A: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

Q: “ Not – for –profit organisation” do not maintain any capital account”. What do they maintain…

A: Organisation that are set up for welfare of society , charitable institutions , schools and Trade…

Q: What are the financial goals of a governmental entity? A not-for-profit entity?

A: The specific targets or objectives that an entity sets to accomplish in its financial operations are…

Q: What is the appropriate term for how the company distributes a portion of its profits? How does this…

A: Profit distribution in a company refers to the way the earnings are allocated to its shareholders…

Q: You are required to discuss and explain your opinion whether the following statement iscorrect:“The…

A: The objective of the question is to discuss and explain whether the financial performance of…

Q: Which of the following least likely distinguishes nonprofits from for-profit corporations? a) Profit…

A: Profits are the money a company makes after subtracting all costs and taxes from its total revenue.…

Q: The organization earns and unrealized gain on its permanent endowment.  Is this change in net assets…

A: The change in net assets resulting from unrealized gains on a permanent endowment is typically…

Q: Governments may be distinguished from not-for-profit organizations by:     Absence of profit motive…

A: All the organisations in the world can be classified into two categories. They are,  1. Profit…

Q: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations in…

A: The primary objective of not-for-profit organizations is to serve a social or community need,…

Q: What ratio is frequently used to assess the efficiency of not-for-profit entities?

A: The ratio of program service expenses to total expenses is frequently used by the analyst in order…

Q: Distinguish between government and not-for-profit organizations from business entities and describe…

A: Business entities are described as those units which are formulated to provide professional…

Q: The FASB requires that not-for-profits show the relationship of functional expenses to natural…

A: Not for profit entities represent the entities which does not operate its business operation with a…

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

A: Here is the Answer

Q: Which of the following characteristics identify a nonprofit as it relates to tax-status? (Choose all…

A: A nonprofit designation status are given only to organizations that engages in religious,…

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: Which of the following best describes a non-profit organization? One in which the leadership is…

A:

Q: A not-for-profit organisation (for example, a university) will: Select one: O A. Be concerned with…

A: A not-for-profit organisation (for example, a university) will: D. All of the above. A…