Why is it important for non profit organizations to comply with its legal and functional responsibilities?

Q: Explain Not-for-profit entities.

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

Q: Do the principles of natural justice apply to incorporated and unincorporated societies? – explain…

A: A business organization can be formed in various business organizations, such as a sole…

Q: Fiduciary responsibilities are critical part of which relationship---customer or client? Why?

A: Fiduciary responsibility is the harmonious relationship of trust between a fiduciary agent and a…

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: 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: issue of legitimacy is

A: Legitimacy is the obeying of laws and regulations. It is important because an organization is a part…

Q: what does the success of the board of directors in fulfilling its oversight responsibilities depend…

A: Answer: The board of directors of any company are formed so that to check the operations of the…

Q: Explain, in detail, the way in which the integrity measures that protect the imputation system…

A: Imputation system of taxation involves the process of taxing the profit distributed by a company at…

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: Any businesses that have charitable commitments can also meet their financial and legal obligations.…

A: marginal costing is easy to operate, under this method there is no need to computing under or over…

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: Discuss the role of the government in supporting MFIs to realize the intended goals citing what MFIs…

A: MFIs is the abbreviation used for Micro financing Institutions which are the financial organizations…

Q: Give examples of the sorts of constraints donors may place on how NGOs utilize the resources they…

A: Restricted contributions are contributions made to a not-for-profit organization by a donor who…

Q: Which of the following bodies report to the IFRS Foundation? A. The IASB and AASB. B. The IASB and…

A: The International Accounting Standards Board represents the board that is responsible for setting…

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: 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: Please outline key financial controls for an NGO and why they are important

A: NGO: NGO stands for a non-governmental group, it is a group form to work toward social service, not…

Q: TRUE OR FALSE A non-stock, non-profit institution must be organized for religious, charitable,…

A: A non-stock, non-profit institution has two main components or parts to it – non-stock and…

Q: Can a political party be an incorporated society? – explain your answer

A: Because unincorporated organizations are not separate legal companies, they have no independent…

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 organization is responsible for issuing reporting standards for private not-for-profit…

A: A type of business organization that does not focus on earning profits for its owners but works for…

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

A: Here is the Answer

Q: What are some of the pros and cons of the Ceres (non-profit organization) CSR reporting framework?

A: Ceres was one of the first organizations to introduce formally the concept of CSR reporting.

Q: Which private sector that is not under any direct governement control can the SEC accept or reject…

A: Since its inception in 1973, the Financial Accounting Standards Board (FASB) has served as an…

Q: Concerning a non-profit homeless shelter, what would be considered as a relevant range of output?

A: Relevant range refers to the specific activity level that is bounded by the minimum and maximum…

Q: What financial statements are required for private not-for-profit colleges and universities?

A: Financial statement: Financial statement is a summary of all accounting transactions. The…

Q: Is this set up possible? X a charitable corporation entered into a joint arrangement with SMC…

A: A charitable corporation is an entity which works for "Not-for-profit" motive with a thought process…

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: 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: What are the main differences in accounting for profit and not for profit organizations?

A: Profit Organizations: When the main motive or the primary goal of a business is specifically to…

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: Why do we need accounting for non-profit organizations?

A: Not for profit organization: These are the organizations that provide services to the community…

Q: What are the distinguishing characteristics between a public charity and a private foundation? what…

A: Public charity: Receive financial support from the general public and it has less restriction…

Q: What are the distinguishing charasteristics between a public charity and a private foundation? What…

A: Answer:

Q: discuss in detail the possible remedies for unethical conduct that governments can implement to…

A: Introduction: Unethical behavior is described as behaviors that violate societal norms or are seen…

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…