UNDERSTANDING BUSINESS W/ACCESS
13th Edition
ISBN: 9781266514548
Author: Nickels
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 17, Problem 3VC
Summary Introduction
Case summary: Not for profit organizations incur financial activities for the smooth flow of the receipts and payments for the charitable purpose, preparation of financial statements are crucial for not for profit organizations as well, charitable organizations also conduct ratio analysis to measure the performance of the entity just like other organizations.
Characters in the case: Not for profit organizations.
Adequate information: Not for profit organization is an organization that if formed for the charitable purposes instead of making profits.
To determine: The key reasons of which firms do ratio analysis.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is the purpose of cost accounting ISs?
7
In June 2005, IESBA issued a revised Code of Ethics for Professional Accountants. What does the term IESBA stands for?
a.
Internal Ethics Standards Board for Auditor
b.
Institutional Ethics Standards Board for Auditor
c.
Integrity and Ethics Standards Board for Accountants
d.
International Ethics Standards Board for Accountants
Clear my choice
Identify three items often found in Required Supplementary Information. (Accounting for Governmental and Not-for-Profit Organizations)
Chapter 17 Solutions
UNDERSTANDING BUSINESS W/ACCESS
Ch. 17.2 - Prob. 1TPCh. 17.2 - Prob. 2TPCh. 17.2 - Prob. 3TPCh. 17.2 - Prob. 4TPCh. 17.3 - Prob. 17.3AQCh. 17.3 - Prob. 17.3BQCh. 17.3 - Prob. 17.3CQCh. 17.3 - Prob. 17.3DQCh. 17.3 - Prob. 1MEDCh. 17.3 - Prob. 5TP
Ch. 17.3 - Prob. 6TPCh. 17.3 - Prob. 7TPCh. 17.3 - Prob. 8TPCh. 17.3 - Prob. 9TPCh. 17.3 - Prob. 10TPCh. 17.3 - Prob. 11TPCh. 17.4 - Prob. 17.4AQCh. 17.4 - Prob. 12TPCh. 17.4 - Prob. 13TPCh. 17.5 - Prob. 14TPCh. 17.5 - Prob. 15TPCh. 17.5 - Prob. 16TPCh. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1CTCh. 17 - Prob. 2CTCh. 17 - Prob. 3CTCh. 17 - Prob. 4CTCh. 17 - Prob. 1DCSCh. 17 - Prob. 2DCSCh. 17 - Prob. 3DCSCh. 17 - Prob. 4DCSCh. 17 - Prob. 5DCSCh. 17 - Prob. 1PPTCh. 17 - Prob. 2PPTCh. 17 - Prob. 1VCCh. 17 - Prob. 2VCCh. 17 - Prob. 3VC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- For each of the following, journalize the necessary adjusting entry: (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming thatarrow_forwardPractical Activity: Do a short research project on the types of funds that fallunder the auspice of the Pension Funds Act. Identify well-known retirement funds that fallwithin these categories and obtain information about their registration in terms of thePension Funds Act.arrow_forwardDiscuss the importance of financial statements to a company and its investors and creditors and whymanagement may take steps to improve the appearance of the company in its financial statements.arrow_forward
- Discuss any differences between the budgeting process of a company and budgeting process of a government.arrow_forwardABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: documentation that the business would expect to change a) Explain in detail different types hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.arrow_forwardExplain three main reasons expenses may not be deductible for income tax/corporation tax purposes.arrow_forward
- How can we reduce this risk in financial reporting process? "How does management ensure that information is being accessed only by authorized and relevant employees?” under the risks and control issues of financial reporting process?"arrow_forwarddiscuss about why each term is significant. Terms: Financial accounting system, Termination policies, and legal principles.arrow_forwardSarah O’Hann enjoyed taking her first auditing course as part of herundergraduate accounting program. While at home during her semester break, she andher father discussed the class and it was clear that he didn’t really understand the natureof the audit process as he asked the following questions:a. What is the main objective of the audit of an entity’s financial statements?b. The audit represents the CPA firm’s guarantee about the accuracy of the financialstatements, right?arrow_forward
- Which report accounting method shows an overview of the money received and spent for a specific period? A. Hybrid basis B. Accrual basis C. Modified basis D. Cash basisarrow_forwardHow can the management ensure that the redundant and out-of-date information flows are identified and terminated during financial reporting process?arrow_forwardGadget King Corporation manufactures personal computers, tablets and mobile phones. The company began operations in 2015 and reported profits for the years 2015 through 2018. Due primarily to increased competition and price slashing in the industry, 2019’s income statement reported a loss of P15,000,000. Just before the end of the 2020 financial year, a memo from the company’s chief financial officer to Hendrick Cruz, the company controller and Nathan Santos, the company director for finance, included the following comments: If we don’t do something about the large number of unsold computers, tablets and mobile phones already manufactured, our auditors will require us to write them off. The resulting loss for2020 will cause a violation of our debt covenants and force the company into bankruptcy. I suggest that you ship half of our inventory to Bilis Benta, Inc., in Quezon City. I know the company’s president and he will accept the merchandise and acknowledge the shipment as purchase.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning