Questions from Advanced Accounting

Q: In what funds might property and other nonfinancial resources be recorded?

In what funds might property and other nonfinancial resources be recorded?

Q: What authoritative body(s) is (are) responsible for

What authoritative body(s) is (are) responsible for establishing financial accounting standards for NNOs?

Q: Universities and hospitals often reduce their standard service charge to students or

Universities and hospitals often reduce their standard service charge to students or patients. How are these reductions reflected in the statements of revenue and expenses of these organizations? Expl...

Q: What fund is used to account for the library books owned by

What fund is used to account for the library books owned by a university? How should depreciation of the library books be reflected in the financial statements of the university?

Q: In which fund of a hospital are medical equipment and related long

In which fund of a hospital are medical equipment and related long-term obligations recorded? Would your answer be the same for a voluntary health and welfare organization? Explain.

Q: How is a not-for-profit entity defined in the

How is a not-for-profit entity defined in the Codification?

Q: Distinguish an annuity fund from a life income fund.

Distinguish an annuity fund from a life income fund.

Q: Why do most NNOs use fund accounting?

Why do most NNOs use fund accounting?

Q: Part A: The following departments of activities are recorded in the

Part A: The following departments of activities are recorded in the City of Atlanta’s Comprehensive Annual Financial Report in the appendix to this chapter. Indicate the type of fund...

Q: NNOs distinguish between restricted and unrestricted funds. Why is this distinction

NNOs distinguish between restricted and unrestricted funds. Why is this distinction important?