Which of the following statements are correct in relation to reporting requirements for a non- business entity? Organizations using fund accounting are not required to report on the entity as a whole Organizations that choose to report on the entity as a whole are not permitted to use fund accounting Organizations using fund accounting are required to report on the entity as a whole Organizations that use fund accounting have the option of reporting either on the funds or on the organization as a whole

Which of the following statements are correct in relation to reporting requirements for a non- business entity? Organizations using fund accounting are not required to report on the entity as a whole Organizations that choose to report on the entity as a whole are not permitted to use fund accounting Organizations using fund accounting are required to report on the entity as a whole Organizations that use fund accounting have the option of reporting either on the funds or on the organization as a whole

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accounting
The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).
The Summary of Significant Accounting Policies : not required in the CAFR Describes the methods used in the financial accounting system . a summary of the financial results of the operations of the governmental unit . usally the last note found in the CAFR .
Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general funds
Which of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.
Agency Funds account for financial resources for which government is acting as an owner. True False Donated assets should be recorded at historical cost. True False
Which of the following funds accounts for legally restricted resources for which only the earnings may be used for some public purpose? Capital projects fund Special revenue fund Private purpose trust fund Permanent fund None of these
Which of the following identifies the reason that we need reconciliations between governmental funds and government-wide governmental activities (select all that apply)? Internal service funds are often categorized as governmental funds. Governmental funds use the modified accrual basis of accounting, and the government-wide governmental activities use the accrual basis of accounting. Internal service funds are often categorized as governmental activities. Governmental funds use the accrual basis of accounting, and the government- wide governmental activities use the modified accrual basis of accounting.
A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accounts
A board sets aside resources to earn investment income to support general operations. Would the resrources set aside be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?
Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?