Advanced Accounting Test #3 (Ch. 15, 16,
19, & 20)
The Governmental Accounting Standards board (GASB) controls the accounting for ( 1 ) and
the Financial Accounting Standards Board (FASB) controls the accounting and financial
reporting for ( 2 ). - ANS ( 1 ) governmental, not-for-profit entities
( 2 ) nongovernmental, not-for-profit entities
ASC 958-205 - ANS Specifies the financial display standards for PRIVATE, not-for-profit
entities.
The three major financial statements are
1. Statement of financial position,
2. Statement of activities, and
3. Statement of cash flows.
ASC 958-210 - ANS Separates the net assets into those that are
1. Without donor restrictions or
2. With donor restrictions
Net assets WITHOUT donor restrictions - ANS The part of net assets of a not for profit entity
that is not subject to donor-imposed restrictions.
Used for general operations
"Unrestricted donations"
Net assets WITH donor restrictions - ANS The part of net assets of a not for profit entity that is
subject to donor-imposed restrictions.
"Restricted donations"
Characteristics of NPOs - ANS - no outside ownership interest
- a mission to provide services to their users, patients, society as a whole, or members but NOT
at a profit
- a dependence on significant levels of contributions
- a significant level of assets that are restricted in their use because of donor stipulations
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