Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 18, Problem 3Q
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Explain the financial statements required for private not for profit colleges and universities.
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What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?
What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?
What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?
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- Can you distinguish between the accounting treatment of time-restricted pledges by private and public sector colleges and universities?arrow_forwardAnswer the question please What are restricted assets and how are they shown in the financial statements? Explain how restricted gifts and grants are reported by a public college or university and a private college or university?arrow_forwardWhich of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the abovearrow_forward
- What are the financial reporting goals of not-for-profit organizations?arrow_forwardWhat information do financial statement users want to know about a not-for-profit entity?arrow_forwardon are some wong. 19. List and explain the two classes of net assets for private, not-for-profit colleges and universitiesarrow_forward
- The amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountarrow_forwardWhy do we need accounting for non-profit organizations?arrow_forwardDiscuss how characteristics of not-for-profit organizations differ from for-profit organizations.arrow_forward
- What is the difference between For-profit organizations and Not-for-profit organizations?arrow_forwardWrite a detailed report covering the following topics: 1. ACCOUNTING FOR COLLEGES AND UNIVERSITIES • What Unique Issues do Colleges and Universities Face? • What are different revenues and expenses? • Accounting for revenues and expenses- Give examples • Treatment of grants and donations 2. ACCOUNTING FOR HEALTH CARE PROVIDERS/HOSPITALS • What Unique Issues do Health Care Providers Face? • What are the Key Differences Between Private Not-For-Profit and Government Health Care Providers? • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the key revenues and expenses recognized?arrow_forwardWhat is the major difference between a for-profit and a not-for-profit organization?arrow_forward
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