ACIS+4124_5124+Chapter+1+PowerPoints

ACIS+4124_5124+Chapter+1+PowerPoints - 1 Introduction to...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for- Profit Entities Chapter 1 2 Governmental Organizations General purpose governments Provide a wide variety of services Examples: Federal government, state governments, cities, towns, townships, villages, counties, boroughs, and parishes Special purpose governments Usually provide only a single or just a few services Examples: Independent school systems, public colleges and universities, public hospitals, fire protection districts, sewer districts, transportation authorities, etc. 3 Not-for-Profit Organizations Legally separate organizations Usually exempt from federal, state, and local taxation Examples: Religious, community service, private educational, and health care organizations, museums, fraternal and social organizations, etc. 4 Resource providers do not expect to receive proportional benefits Lack of a profit motive Absence of transferable ownership rights How do Governmental and Not-For-Profit Organizations differ from Business Organizations? 5 Power ultimately rests in the hands of the people People delegate power to public officials through the election process Empowered by and accountable to a higher level government Taxation powers How Do Governmental Entities Differ From Not- For-Profit Organizations? 6 Public corporations Other organizations with one or more of the following characteristics: Popular election of officers, or appointment of a controlling majority of the governing body by officials of another government Potential dissolution by a government with net assets reverting to a government Power to enact and enforce a tax levy-6 Criteria for Determining Whether an NPO is Governmental 7 Sources of GAAP and Financial Reporting Standards FAF oversees FASB and GASB FASB Business organizations Nongovernmental not-for-profits GASB Governmental organizations Governmental not-for-profits 8 Sources of GAAP and Financial Reporting...
View Full Document

Page1 / 37

ACIS+4124_5124+Chapter+1+PowerPoints - 1 Introduction to...

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online