Not for Profit Organizations

Jul 25th, 2016
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NOT-FOR-PROFIT ORGANIZATIONSObjectives of Nonbusiness Organizations1. Which one of the following is ordinarily not considered one of the major distinguishingcharacteristics of nonbusiness organizations?a. Significant amounts of resources are provided by donors in nonreciprocal transactions.b. There is an absence of defined, transferable ownership interests.c. Performance indicators similar to a business enterprises profit are readily available.d. The primary operating purpose is not to provide goods or services at a profit.Gleim2.3.4.Which of the following is a characteristic of nonbusiness organizations?a. Noneconomic reasons seldom underlie the decision to provide resources to nonbusinessenterprises.b. Business and nonbusiness organizations usually obtain resources in the same way.c. Both nonbusiness and business organizations use scarce recourses in the production anddistribution of goods and services.d. The operating environment of nonbusiness organizations ordinarily differs from that ofbusiness organizations.GleimFinancial reporting by nonbusiness organizations should provide information useful ina. Making resource allocation decisions.b. Assessing services and the ability to continue to provide services.c. Assessing management stewardship and performance.d. All of the answers are correct.d. Statements of financial position as of the beginning and end of the reporting period,comparative statements of cash flows, and comparative s

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