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 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: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

A: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

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: 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: 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: Should we have public financing of campaigns?

A: Financing is the method through which funds are provided for various activities and operations.…

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

A: Here is the Answer

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: 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: What is not-for-profit corporation?

A: Nonprofit organization: It basically comes under a non-profit motive organization like banking…

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: 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,…