Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Calculate the times-interest-earned ratios for PEPSI CO, Given the following information

Calculate the times-interest-earned ratios for Coca Cola in 2020. Explain if the times-interest-earned ratios is adequate? Is the times-interest-earned ratio greater than or less than 2.5? What does that mean for the companies' income? Can the company afford the interest expense on a new loan?

Which of the following is a temporary account?A. EquipmentB. Accounts PayableC. Utilities ExpenseD. Common Stock

Answer 2

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 6

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 7

Chapter 14, Problem 1Q

To determine

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Answer 8

Expert Solution & Answer

Explanation of Solution

Not-for-profit (NFP) entities: It is an individual or group of people who work together to attain the goals and mission that is something other than making profit for its shareholders or owners. Not-for-profit entities’ success is measured by how much the entity serves to the well-being of public or poor people with the available resource of the entity.

Authoritative accounting standard-setting bodies for governmental not for profit organizations:

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) remains as independent board establishing reporting standards for the local and state government of Country U, which follows Generally Accepted Accounting Principles (GAAP).

Authoritative accounting standard-setting bodies for non-governmental not for profit organizations:

American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports the careers for public accountants, prepares Generally Accepted Auditing Standards (GAAS), and focusses on auditing profession.
Office of the management and budget (OMB).
Financial accounting standards board (FASB).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 14 - Prob. 1Q Ch. 14 - Prob. 2Q Ch. 14 - Prob. 3Q Ch. 14 - What is the value of reporting expenses by...Ch. 14 - Prob. 5Q Ch. 14 - Prob. 6Q Ch. 14 - What criteria must be met before an NFP...Ch. 14 - Prob. 8Q Ch. 14 - What are joint costs, and how are joint costs...Ch. 14 - Prob. 10Q

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Identify the authoritative accounting standard-setting bodies for governmental not for profit organizations and non-governmental not for profit organizations.

Explanation of Solution

Want to see more full solutions like this?

Chapter 14 Solutions