A governmental agency can best be described by which of the following statements? has a primary purpose of making a profit has a primary purpose of using taxpayer funds to provide services produces goods for sale to the public has regular shareholder meetings

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: Describe the primary characteristics for governmental and not-for-profit entities. How does this…

A: Governments with general purposes offer a wide range of services. Typically, only one or a small…

Q: Which of the following is a distinguishing characteristic of proprietary funds? Select one: O a.…

A: Government accounting: Government accounting can be defined as the process of recording the…

Q: Differentiate accounting for government and not-for-profit organization from a business enterprise.

A: Business enterprises are those organisation which run and execute their business for the purpose of…

Q: **Objective Type Question:** Which of the following is a key requirement for compliance with IRS…

A: The IRC code refers to official codification and consolidation of permanent and general laws It…

Q: Discuss the basic assumptions of CVP analysis and how can we use CVP analysis in making decisions in…

A: CVP stands for Cost-Volume-Profit Analysis. It is a financial management and accounting tool used to…

Q: What note disclosures are specific to nonprofits or government entities, and why are they needed? In…

A: Note Disclosures are an essential part of financial reporting for both nonprofits and government…

Q: 12) Internal Service Funds differ from Enterprise Funds because Internal Service Funds A) are a…

A: Internal Service is used to track goods and Services transferred to other government agencies on…

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: “Income and Expenditure Account of a Not-for-Profit Organisation is akinto Profit and Loss Account…

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Accountability in

A: Accountability is assigning roles and responsibilities of persons regarding work done by them.

Q: Not-for-profit entities and state and local government organizations are small in comparison to the…

A: Custodial fund or account refers to the financial account which is set up for the beneficiary…

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: Most of the revenues obtained by most governments come from: Group of answer choices a Taxes b Sales…

A: Government is an authority which can be organisation or agency. Government is group of people who…

Q: 3. Which of the following characteristics distinguishes a government or not-for-profit entity from a…

A: Government and not-for-profit entities operate differently from businesses due to their unique…

Q: Which governmental fund includes resources that are legally restricted so that the governmental…

A: Government needs to collect funds for different purposes such as meeting regulatory requirements,…

Q: The major category within the Financial Accounting Equation (FAE) which tracks the owner's rights or…

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

Q: The main objective of most for-profit businesses is to maximize:

A: Profit is the extra income over expenses. The main objective of for-profit businesses is to earn…

Q: Which of the following is tax exempt on its income earned as such?   Religious corporation…

A: Second option i.e. Non-stock, non-profit educational institution, is the correct answer.

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: Accounting purpose of Governmental and not-for-profit organizations are different from business…

A: The main motive of business organizations is to earn maximum profit by selling the goods &…

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: How should a nongovernmental, not-for-profit organization report contributions without donor‘s…

A: Contributions without donor's restriction are unrestricted funds that the organization can use for…

Q: 1.Explains the importance and role of the business fund (business activities) in government…

A: 1. The importance and role of the business fund (business activities) in government entities are ;…

Q: In which one of the following organization's expenditures are driven mainly by the ability of the…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Explain  the impact of a tax-exempt status in the case of not-for-profit organisation.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: David is represents his employer before government agencies on tax and other matters related to…

A: The answer is given given below :

Q: Supporting services expenses consist of two categories: 1) management and 2) grants. True O False

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

Q: es for-profit and not-for-profit o

A: Step 1   For-Profit Organizations: A for-profit organization operates with the primary goal of…

Q: Write any two differences between non-profit organization and governmental organization?

A: Non-profit-organization is an entity that has an objective other than profit earning, Non-profit…