Question

What type of organizations are typically non-profit? Describe one Statement of Financial Accounting Standard (SFAS) that...

What type of organizations are typically non-profit? Describe one Statement of Financial Accounting Standard (SFAS) that applies to non-profit financial reporting.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Public charities, Foundations, Social advocacy groups, and Trade organizations are the common type of non - profit organizations.

Statement of Financial Accounting Standard (SFAS) numbers 116 & 117 describe how non - governmental nonprofits account their for contributions and how they present their financial statements. The intent of SFAS 116 & 117 was to enhance the relevance, understandability and comparability of nonprofits financial statements.These reports are primarily used by donors, members, creditors, and others who provide resources to nonprofits.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Research cash flow statements. Describe the proper accounting and reporting for cash flow statement with U.S....
Research cash flow statements. Describe the proper accounting and reporting for cash flow statement with U.S. GAAP and IFRS. What are the relevant U.S. GAAP and IFRS standards? Discuss how each standard is similar and different in handling the reporting of the cash flow financial statements.
What is the basis of accounting for hospitals and other health care organizations? What organizations are...
What is the basis of accounting for hospitals and other health care organizations? What organizations are responsible for setting Category A GAAP? What are the components of the equity section of the financial statements for the following types of organizations: Not-for-profit, Business-Oriented Organizations Investor-Owned Health Care Enterprises Government Health Care Organizations
In Governmental and Non-profit Accounting, what transactions would led to business-type activities have to owe governmental...
In Governmental and Non-profit Accounting, what transactions would led to business-type activities have to owe governmental activities?
How do non-profit/charity hospitals such as Children's or St. Jude process their financial/accounting info? 
How do non-profit/charity hospitals such as Children's or St. Jude process their financial/accounting info? 
What is the Accounting Term to Describe the following type of Accounting Transaction ? Cash is...
What is the Accounting Term to Describe the following type of Accounting Transaction ? Cash is exchanged before any Good or Services is Used or Provided. Group of answer choices *Deferral *Cash Basis *Revenue *Expense *Prepaid *Accrual *Depreciation Operating Income Less Other Income and Expenses will Equal ? Cost of Good Sold Gross Profit Retained Earnings Income Before Income Taxes Net Income
As the globalization of business continues, it becomes more and more important for financial accounting standards...
As the globalization of business continues, it becomes more and more important for financial accounting standards to be uniform across countries. At this time, FASB and the International Accounting Standards Board are working jointly on convergence, a process to develop a common set of standards that would be accepted worldwide. These standards, called international financial reporting standards, ultimately will be applicable to for-profit businesses in more than 150 countries, including the United States. Needless to say, a large number of...
What does a non-profit business call the income statement? Why?
What does a non-profit business call the income statement? Why?
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and...
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “Statement of Financial Accounting Standards,” which represents an authoritative expression of generally accepted accounting principles. Go to the FASB website to answer the following questions. a. What are the 10 steps of the standard-setting process? b. What are the advisory groups that provide service to the FASB? c. What characteristics make the FASB’s procedures...
1. One reason for the disdain is that incremental budgeting is frequently performed on a so-called...
1. One reason for the disdain is that incremental budgeting is frequently performed on a so-called _____________, which merely list the different classes of expenses and which does not inform the manager about the function and outcome of the expenses. Categorized Budget Summary Budget Line Item Budget Approximated Budget 2. Not-for-profit organization executives lose their jobs because of poor _____________ skills than for any other reason. Community Outreach Administrative Management Employee Compensation Financial Management 3. The current year financial goal...
What financial accounting document is land found on? (Balance Sheet, Income Statement, Statement of Retained Earnings,...
What financial accounting document is land found on? (Balance Sheet, Income Statement, Statement of Retained Earnings, etc.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT