Ch 8 cost accounting.docx - Which organization has standard setting authority over governmentally related not for profit organizations such as hospitals

Ch 8 cost accounting.docx - Which organization has standard...

This preview shows page 1 - 3 out of 5 pages.

Which organization has standard setting authority over governmentally related not for profit organizations, such as hospitals colleges and universities GASB private not for profits must follow all applicable ___ standards in recording transactionss FASB identify the standard setting body for private not for profit organizations and the basis of accounting that should be used FASB and accrual Which of the followingg is NOT a distinguishing characteristic of a private not for profit organization according to FASB statement No. 116? Upon dissolution of the organization, remaining assets are to be distributed to the original contributors What are the financial statements required for ALL nongovernmental, not-for-profit organizations? Statement of financial position, statement of activities, statement of cash flows Which of the following are the net asset classes required by the FASB for private not- for-profit organizations permanently restricted, temporarily restricted, unrestricted Which of the following is true regarding accounting and financial reporting for nongovernmental, not for profit organizations Expenses must be reported by function, either in the statements or in the notes. Which of the following statements is NOT correct with respect to contributions to a private not for profit Contribution of assets other than cash to a not-for-profit are recorded at the donor's basis Which of the following is NOT correct with respect to the reporting of expenses for a private not-for-profit Expenses can be reported in the unrestricted beta asset class or restricted net asset class, as appropriate with the exception of collections, fixed assets may be recorded by a private not-for-profit as: Both of the above (temporarily restricted, unrestricted) FASB statement 124, Accounting for certain investments of not for profit organizations requires that investments in debt securities be carried at fair value Contributed services are recognized as revenue for a private not-for-profit when the service Requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation Upgrade to remove ads Only $0.99/month
Which of the following organizations would be subject to the accounting and reporting

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture