Accounting for ONPO: The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end. To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Can you help me with accounting questions

Calculate the amount of cash paid to employees... General accounting

Calculate the amount of cash paid to employees...

Answer 2

Question

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Answer 6

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Answer 7

Chapter 19, Problem 19.21Q

To determine

Accounting for ONPO:The ASC 958 is also issued for other not-for profit organizations, in addition to the FASB standards, the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Accrual accounting is required for all ONPOs, but small organizations operate on cash basis during the year and convert to an accrual basis at the year-end.

To provide: Two examples of contributions to an ONPO that should be reported as temporarily restricted and two that should be reported as permanently restricted.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 19 - Prob. 19.1Q Ch. 19 - Prob. 19.2Q Ch. 19 - Prob. 19.3Q Ch. 19 - Prob. 19.4Q Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author explains the AICPA audit guide for not-for-profit organizations provides guidance for accounting and financial reporting standards for ONOPs. Temporarily restricted funds are those with restrictions related to a specific event.

Concept explainers

Want to see the full answer?

Chapter 19 Solutions