Description
Answer the following bullets in min of 45 words or more
Accounting for Government and Non-Profit Entities, Ch. 13
MARTIN GINSBURG
Many of us make pledges such as to NPR, or other organizations (religious groups, social organizations, etc...) When a not-for-profit (NFP) receives these they must account for them. Sometimes though, they may have a "gift" for making a donation. And this may have different consequences. Think of an NFP that you know of.
- How do they raise money?
- Are these pledges/contributions?
- What determines how they are recorded?
- How do these differ from exchange transactions?
- In both cases, when is revenue recorded?
Answer the following bullets in min of 45 words or more
NFP CAFR Statements
MARTIN GINSBURG ,
Over the past few weeks we have explored governmental accounting and its unique differences with respect to fund accounting, modified accrual accounting, and the two sets of financial statements required under GASB Statement #34 - government-wide statements, and fund statements. This week will focus on the intricacies, differences, and uniqueness of the NFP (not-for-profit) organization.
Using a selected NFP CAFR you are interested in;
- identify what financial statements are required of that organization?
- How are they different or comparable to those provided by organizations that operate for profit?
- How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits?
Explanation & Answer
Attached.
Running head: ACCOUNTING FOR GOVERNEMENT AND NON-PROFIT ENTITIES
Accounting for Government and Non-Profit Entities
Name of student
Institution Affiliation
Date
ACCOUNTIN FOR GOVERNMENT AND NON-PROFIT
Many of us make pledges such as to NPR, or other establishments (spiritual groups,
communal establishments, etc...) When a nonprofit (NFP) obtains these, they must justify for
them. Occasionally nonetheless, they might have a "gift" for giving a donation and this might
have diverse significances. Reflect of an NFP that you know of. How do they raise money? Are
these pledges/contributions? What determines how they are recorded? How do these differ from
exc...