What was the main concern of municipal and state authorities with the conversion of BC/BS plans from not-for-profit to for-profit status?

Q: Which one is among the non-government’s sources to finance a project. (a)Loan (b) grants (c)…

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

Q: Explain Not-for-profit entities.

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

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: 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: 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: Under what conditions does a not-for-profit entity record donated services?

A: For a not for entity, donated services are a good part of revenue for not for profit entities.…

Q: V5. Describes required reporting for governmental and non-governmental non-profit entities

A: Informational reports provide data, facts, remarks, and other types of information without analysis…

Q: . Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D.…

A: Answer :- Correct option is D. All of the above

Q: will there be an instance where in the government may consider as primary user? please provide…

A: Government is defined as the group of people or the system that is used to govern the organised…

Q: Explain the history of and the reasons for the unique characteristics of the financial statements…

A: The basic two types of financial statements that are produced by the state and local governments are…

Q: What are the key sources of revenues among the federal, state, and local governments? What are the…

A: Federal Government revenue comes from individual income taxes, corporate income taxes, and payroll…

Q: From a global corporation perspective, which of the Following would not be part of a ofite and…

A: Global corporations have global operations and they are not confined to one nation and they have…

Q: Which of the following is not a regulatory responsibility of the Pension Benefit Guaranty…

A: In order to ensure the payment of pension benefits accrued by employees and retirees in the private…

Q: Under what condition is the modified approach applied by a state or local government?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Can you explain and give examples of the key state assets that fall in the federal government…

A: Answer:-  Stewardship of state resources meaning:- The term "stewardship of state resources" refers…

Q: Discuss the factors affecting financial conditions of governmental organizations..

A: The organizations run by the local or state government are recognized as the governmental…

Q: When a component unit is discretely presented in the reporting entity (under the umbrella with the…

A: Fund Financial Statement - Under Fund financial statement detailed information of government major…

Q: ss major differences between a governmental entity's uses of the modified accrual method and a…

A: Modified Accrual Accounting: An Explanation To understand how modified accrual accounting works,…

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: A) Can the government tax its own agencies or instrumentalities? Explain.

A: Government agencies and instrumentalities are the extension of the government itself.…

Q: Which of the following items is not recognized as revenue by a governmental unit? Group of answer…

A: Revenue refers to the amount collected through sales or services. Revenue can be generated on cash…

Q: What is the underlying reason a governmental unit uses separate funds to account for its…

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

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: Explain the difference between expenses and expenditures in a state and a local government.

A: Given: The difference between the state and local government’s expenses and expenditures are given.…

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

A: Not for profit organisations are formed to render services to the society. Thee main purpose of…

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: 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: Which of the following is needed for a fiduciary relationship to exist?

A: A fiduciary relationship exists when one person or entity holds the assets of another person or…

Q: Under FASB standards, expenses of a not-for-profit organization can only be shown as reductions of…

A: Under Financial Accounting Standards Board (FASB) standards for not-for-profit organizations,…

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…