Chapter 1.Study Guide

Chapter 1.Study Guide - Chapter 1 Introduction to...

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Chapter 1 – Introduction to Accounting and Financial Reporting for Government And Not-for-Profit Entities 1. Not-for-profit entities are legally separate organizations, usually exempt from federal, state, and local taxation. As well as religious, community service, private educational and health care, museums, and fraternal and social organizations, among many other kinds of organizations _______________________________________________ _______________________________________________________________________. 2. The difference between a for-profit regular business and a not-for-profit entity is the, benefits are not proportional to resources provided, lack of a profit motive, and absence of transferable ownership rights _______________________________________________________________________. 3. A general purpose government is Provide a wide array of services Examples: Federal government, state governments, cities, towns, townships, villages, counties, boroughs, and parishes. 4. A special purpose government usually only provides a single or just a few services Examples: Independent school systems, public colleges and universities, public hospitals, fire protection districts, sewer districts, transportation authorities, and many others 5. The three distinguishing characteristics that separate governmental and not-for-for profit entities are: Power ultimately rests in the hands of the people , People vote and delegate that power to public officials, Created by and accountable to a higher level government, Power to tax citizens for revenue
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This note was uploaded on 03/22/2011 for the course BUS 3000 taught by Professor None during the Fall '11 term at Texas Woman's University.

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Chapter 1.Study Guide - Chapter 1 Introduction to...

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