SM-ch26 - 26 ACCOUNTING FOR PRIVATE NOT-FOR-PROFIT...

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26 ACCOUNTING FOR PRIVATE NOT-FOR-PROFIT ORGANIZATIONS LEVEL OF TIME DIFFICULTY (MINUTES) REVIEW QUESTIONS EXERCISES 26-1 Manner of reporting contributions .......................................................... Simple 10 26-2 Manner of recording contributions ......................................................... Simple 10 26-3 Classifying transactions in the statement of activities ............................ Simple 15 26-4 Categorizing transactions in the statement of activities .......................... Simple 15 26-5 Private C&U: Determining whether certain fund accounting transactions are reported under FAS 17 .................................................. Simple 10 26-6 Private HCO: Determining whether certain fund accounting transactionsare reported under FAS 117 ................................................. Simple 10 PROBLEMS 26-1 Private C&U: Recording transactions and preparing a statement of activities .............................................................................................. Moderate 30 26-2 Private VHWO: Recording transactions and preparing a statement of activities .............................................................................................. Moderate 50 26-3 Priivate HCO: Recording transactions and preparing an operating statement ................................................................................. Moderate 40 26-4 Private VHWO: Manner of reporting certain transactions ..................... Moderate 15 THINKING CRITICALLY CASES 26-1 Determining how to report aggregated and disaggregated data .............. Simple 10 26-2 Evaluating continued use of fund accounting for internal record-keeping purposes ........................................................................ Simple 10 PROBLEM FOR APPENDIX 26A--ENDOWMENTS 26A-1 Endowment investment gains and losses ........................................... Moderate 20
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26-2 ADVANCED ACCOUNTING: Concepts and Practice EXERCISES FOR APPENDIX 26B— PUBLIC HCO S 26B-1 Public HCO: Manner of reporting transactions .............................................. Simple 10 26B-2 Public HCO: Classification of items in the operating statement ..................... Simple 10 26B-3 Public HCO: Reporting donated supplies ........................................................ Simple 2 26B-4 Public HCO: Reporting donated gifts and bequests ........................................ Simple 10 PROBLEMS FOR APPENDIX 26B— PUBLIC HCO S 26B-1 Public HCO: Preparing a statement of operations ........................................... Moderate 40 EXERCISES FOR APPENDIX 26C— PUBLIC C&U S 26C-1 Public C&U: Reporting tuition and fees .......................................................... Simple 5 26C-2 Public C&U: Reporting gifts received ............................................................. Simple 10 26C-3 Public C&U: Reporting endowment income ................................................... Simple 10 PROBLEMS FOR APPENDIX 26C— PUBLIC C&U S 26C-1 Public C&U: Preparing partial operating and cash flow statements and closing entries ........................................................................................... Moderate 40 26C-2 Public C&U: Reporting gifts, endowments, and endowment income ............. Moderate 40
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Accounting for Private Not-For-Profit Organizations 26-3 ASSIGNMENT MATERIAL REVIEW QUESTIONS 1. The four categories of NPOs are (a) colleges and universities (C&Us), (b) health care organizations (HCOs), (c) voluntary health and welfare organizations (VHWOs), and (d) certain (other) nonprofit organizations (CNOs). 2. The five main characteristics of NPOs are (a) the absence of an ownership interest to report to, (b) a mission to provide services but not at a profit, (c) the dependence on significant amounts of contributions, (d) the restriction of donated assets as to their use, and (e) tax-exempt status for private NPOs ( public NPOs are automatically exempt from income taxes).
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