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 7Q
To determine
Explain to assess the efficiency of not for profit entities which ratio’s are frequently used.
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What are the main differences in accounting for profit and not for profit organizations?
In reporting the functional expenses of a not-for-profit entity, what are the two general types of expenses?
1) Which of the following is not true?
A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit.
B) A not-for-profit entity may be governmental or non-governmental.
C) A not-for-profit entity may possess ownership interests like a corporation.
D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.
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- What distinguishes for-profit and not-for-profit organisations?arrow_forwarddescribe how to evaluate an entity's solvency using financial ratios .arrow_forwardIf a reporting entity has a choice of either expensing or capitalizing an item of expenditure, and if the entity is subject to a high degree of political scrutiny, then what choice would be predicted by the political cost hypothesis of Positive Accounting Theory? Explain your answerarrow_forward
- Will the decision about the transfer price affect consolidated net income? Which method would be easiest for the company's accountant to administer? As the company's accountant, what advice would you give to these officials?arrow_forwardHow can an investor or lender use the Gross Profit Margin Ratio to make financial contribution decisions?arrow_forwardA difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accountsarrow_forward
- What information do financial statement users want to know about a not-for-profit entity?arrow_forwardWhat is the difference between For-profit organizations and Not-for-profit organizations?arrow_forwardWhich of the following is the primary basis used to decide materiality for a for-profit entity? * Net sales O Net assets O Net income before tax O all of the abovearrow_forward
- In which one of the following organization's expenditures are driven mainly by the ability of the organization to raise revenues? a. Commercial business organisation b. None of the options c. Both government and commercial business organisations d. Government or not for profit organisationarrow_forwardWhat is “comprehensive income”? Its composition varies from company to company but may include which items related to available-for-sale investments that are not included in net income?arrow_forwardWhat are the financial reporting goals of not-for-profit organizations?arrow_forward
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