Ch15-Acct for Gov and NonProfit Ent 15e

Ch15-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 15 Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question A state has the obligation to monitor and regulate a not-for-profit (NPO) organization because it granted the NPO tax-exempt status through the not-for-profit corporation laws. Answer True False Correct Feedback States grant a not-for-profit organization its legal life, separate from the incorporators, just as commercial businesses apply to the state to become corporations. It is the federal government, through tax laws and the Internal Revenue Service that grants not-for-profit organizations tax- exempt status. Incorrect Feedback States grant a not-for-profit organization its legal life, separate from the incorporators, just as commercial businesses apply to the state to become corporations. It is the federal government, through tax laws and the Internal Revenue Service that grants not-for-profit organizations tax- exempt status. Add Question Here Question 2 True/False Question The federal government's primary objective in regulating not-for-profit organizations through the income tax laws is to limit the number of exempt organizations that operate at any one point in time. Answer True False Correct Feedback Congress has always encouraged not-for-profit associations and charitable contributions to these organizations. The primary purpose in regulating exempt organizations at the federal level is to ensure that the public is being served by relieving public charities of the liability for income taxes. Incorrect Feedback Congress has always encouraged not-for-profit associations and charitable contributions to these organizations. The primary purpose in regulating exempt organizations at the federal level is to ensure that the public is being served by relieving public charities of the liability for income taxes. Add Question Here Question 3 True/False Question Not-for-profit corporations cannot lobby or attempt to influence legislation or politicians. Answer True False Correct Feedback This statement is too strong. At both the state and federal level, it is important that a not-for-profit organization not be organized primarily for the purposes of carrying on a political agenda, unless it is tax-exempt under IRC Sec. 527. Some lobbying and political activity is allowed if the organization registers with the state, properly discloses this activity on appropriate annual reports (including the
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This note was uploaded on 09/25/2011 for the course ACCT 3000-5000 taught by Professor Faker during the Spring '11 term at Texas Woman's University.

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Ch15-Acct for Gov and NonProfit Ent 15e - COURSES >...

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