Question

In a private NFP organization's statement of financial position, what categories of net assets are displayed?...

In a private NFP organization's statement of financial position, what categories of net assets are displayed?

A.

Unrestricted, temporarily restricted, and permanently restricted net assets
B.

Net assets with board restrictions and net assets without board restrictions
C.

Net assets with donor restrictions and net assets without donor restrictions
D.

Operating net assets and nonoperating net assets
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct answer is "A" : Unrestricted, temporarily restricted and permanently restricted net assets.

A statement of financial position of a private NPF organization is quite similar to that of a profit making entity. The major difference is that the net assets of the NPF organization on the statement of financial position are divided into the following categories:

a) Unrestricted Net Assets

b) Temporarily restricted Net Assets

c) Permnanently restricted Net Assets

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
In a private NFP organization's statement of financial position, how is cash received from a capital...
In a private NFP organization's statement of financial position, how is cash received from a capital campaign, to be used to build facilities, reported? A. Combined with the unrestricted cash balance B. Capital assets C. Investments D. Restricted cash, separately from unrestricted cash
14. A not-for-profit museum’s governing board decides to set aside $50,000 in a separate fund called...
14. A not-for-profit museum’s governing board decides to set aside $50,000 in a separate fund called the Visitor Study Fund which will be used to finance a study on the exhibit viewing interests of the museum’s patrons. In which net asset classification of the museum's Statement of Financial Position should this fund be reported?                 a.     Unrestricted                 b.    Temporarily restricted                 c.     Permanently restricted                 d.    Endowment funds 15. A not-for-profit maintains a Shelter Fund to account for its...
At the beginning of 2020, a donor makes a documented promise to contribute $10,000 per year...
At the beginning of 2020, a donor makes a documented promise to contribute $10,000 per year to a private NFP organization at the end of each of the years 2020, 2021, and 2022. The donor says the contribution may be used for any purpose, and the appropriate discount rate is 4%. The organization estimates that collections will be $9,000 per year for each of the three years. When the promise is recorded at the beginning of 2020, the allowance for...
At the beginning of 2020, a donor makes a documented promise to contribute $10,000 per year...
At the beginning of 2020, a donor makes a documented promise to contribute $10,000 per year to a private NFP organization at the end of each of the years 2020, 2021, and 2022. The donor says the contribution may be used for any purpose, and the appropriate discount rate is 4%. The organization estimates that collections will be $9,000 per year for each of the three years. When the promise is recorded at the beginning of 2020, the allowance for...
E22 - 1 1. Contributions that are restricted by a donor to a nongovernmental not-for-profit organization...
E22 - 1 1. Contributions that are restricted by a donor to a nongovernmental not-for-profit organization are reported as a part of: a. Permanently restricted net asstes b. Temporarily restricted net asstes c. Unrestricted net assets d. Either permanently restricted or temporarily restricted net assets, depending on the terms of the restriction 2. Unconditional promises to give are recognized as contribution revenue under GAAP when a. The promise is received b. The related receivable is collected c. The time or...
The Ombudsman Foundation is a private not for profit organization providing training in dispute resolution and...
The Ombudsman Foundation is a private not for profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017 the end of its fiscal year: debite credit Accounts payable ?23500 Accounts receivable net 45000 Accrued interest receivable 15500 Accumulated depreciation ?3250500 Cash 109000 Contributed services unrestricted ?25000 Contributions unrestricted ?2300000 Contributions temporarily restricted ?780000 Contributions permanently restricted ?2650000 current pledge receivable 75000 education program expenses 1505000 fund raising expense...
For a number of years, a private not-for-profit entity has been preparing financial statements that do...
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $1,850,000, total liabilities of $290,000, total unrestricted net assets of $780,000, total temporarily restricted net assets of $490,000, and total permanently restricted net assets of $290,000. In addition, total expenses for the year were $880,000 (shown in unrestricted net assets)....
Nongovernment not-for-profit organizations use the following classifications to report expenses in the statement of activities​​​​​​ a....
Nongovernment not-for-profit organizations use the following classifications to report expenses in the statement of activities​​​​​​ a. Management and general and supporting services. b. Mission critical, non-mission-critical, and discretionary. c. Changes in net assets without donor restrictions and changes in net assets with donor restrictions. d. Operating and nonoperating
Deer County Food Bank is a private, not-for-profit organization that provides free meals for the destitute...
Deer County Food Bank is a private, not-for-profit organization that provides free meals for the destitute in a large city. The following transactions took place in the accounts of Deer County Food Bank during 2020. 1. Restricted Cash gifts of $80,000 that were received last year (in cash) were spent on food (this year) in 2020. 2. Unrestricted Cash of $200,000 was received as a donation in 2020. Additional Information: The January 1, 2020 balances from the Statement of Financial...
For a number of years, a private not-for-profit entity has been preparing financial statements that do...
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $1,400,000, total liabilities of $200,000, total unrestricted net assets of $600,000, total temporarily restricted net assets of $400,000, and total permanently restricted net assets of $200,000. In addition, total expenses for the year were $700,000 (shown in unrestricted net assets)....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT