What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?

Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Explain Not-for-profit entities.

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

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: Answer the question please What are restricted assets and how are they shown in the financial…

A: The assets are considered as the resources of the business which is invested by the owners or…

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: Examine the role of accounting theory in addressing the challenges of measuring and reporting the…

A: Accounting theory plays a crucial role in addressing the challenges of measuring and reporting the…

Q: What is the major difference between a for-profit and a not-for-profit organization?

A: Organization is considered to a be setting under which the group of people comes together and these…

Q: When reviewing the financial statements and supporting notes of a reporting entity, is it possible…

A: Statement of changes in equity is a part of financial statements in which the transactions related…

Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…

A: Following is the answer to the given question

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: 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: colleges use: nomic resources measurement focus. ent resources focus. ified accrual accounting…

A: Public colleges are those colleges which usually reported as the special purpose entities those who…

Q: scuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Proj

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

Q: The following are the examples of not-for-profit organizations EXCEPT: a. Religious organizations b.…

A: Not-for-profit Organization - It is legal entity operated and organized for the purpose of public or…

Q: What are the two government-wide financial statements? What does each normally present?

A:

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: The modified accrual foundation of accounting should be explained. When preparing financial accounts…

A: Modified accrual basis of accounting:  A modified accrual basis of accounting is a method of…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

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: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…

A: Financial statements are those statements which depicts the information related to the business over…

Q: Define a financial reporting entity. Give an example of a primary government. Define and give an…

A:

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: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: Discuss the ‘primary users’ of general-purpose financial reports?

A: Primary users of general purpose financial reports defines the purpose of financial statement...the…

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

A: Here is the Answer

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: Use the Annual Report of the organization you have selected to: a. Identify the financial statements…

A: A. After examination of the financial statements of American Red cross Society it was found that the…

Q: What benefits are derived from including the management’s discussion and analysis in state and local…

A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…

Q: What differences besides the names and contents of the three basic statements would a financial…

A: It is as same as public company private company & non profit organisation in accounting terms.…

Q: Which of the following has the least amount of official authority for the financial reporting of…

A: GASB Technical Bulletins has the least amount of official authority for the financial reporting of…

Q: Proprietary Funds account for financial resources segregated to pay principal or interest on…

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

Q: 19. List and explain the two classes of net assets for private, not-for-profit colleges and…

A: Private, non-profit schools and universities possess a distinct financial structure that sets them…

Q: The statement of income & expenditure account and revenue & payment account is related to ......…

A: Income and expenditure account is prepared if the activities is not carried for profit or loss and…

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…

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.