{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

non profit test 1 study guide - Chapter 1 Governmental and...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 Governmental and not-for-profit organizations (2) Governmental Entities include: 1.Federal Government, 2.General purpose political subdivisions (states, counties ect), 3.Special Purpose Political Subdivisions (schools), 4.Public corporations and bodies corporate and politic (toll bridges) 4 rules for determining if an organization is governmental (pg 3) Not for Profit Entity Characteristics Governmental and Not-For-Profit Entity Environment (3) Organizational purposes Sources of revenue and relationship with stakeholders Potential for Longevity Roll of the Budget and Legal Requirements Users and Uses of accounting information (6) Accounting Principles and Standards (6) Establishing GAAP Hierarchy of accounting principles Objectives of Financial Reporting (9) State and Local Governmental Financial Reporting Federal Government Financial Reporting Not-for-Profit Organization Financial Reporting Unique Accounting and Financial Reporting Characteristics (10) Use of Fund Accounting Incorporation of Budgets into Accounting Systems Measurement Focus and Basis of Accounting Entity Wide and Fund Level Reporting E1-5 The FASAB established the objective to create accountability. Different people need to be in charge of different parts of the accounting cycle so that they are accountable to each-other (internal control). C1-2 The administrator should not allow this because junk bonds are not very safe and they could lose all of the money and be financially worse off. That would not be conservative.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter 2 Fund Accounting (15) Funds as Subdivisions of an Entity Why Governments Use Fund Accounting Fund Categories a. Governmental: accumulation and spending of resources (taxes) b. Proprietary: account for governmental activities similar to businesses c. Fiduciary: account for resources held in a trust or agency for others Financial Reporting with the use of funds Measurement Focus and Basis of Accounting (18) Application to proprietary-type and fiduciary-type funds- economic resources measurement focus and accrual basis of accounting Application to Governmental-Type Funds: current financial resources measurement focus and modified accrual basis of accounting o Revenue Recognition: accrual-recognized when earned; modified: measurable/available o Expenditure Recognition:
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '08
  • D
  • Generally Accepted Accounting Principles, fund accounting, fiduciary net assets, Governmental Fund Accounting, governmental type funds

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern