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.

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Answer 1

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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.

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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.

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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.

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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.

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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

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Answer 9

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Answer 10

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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.

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