Government and Not for profit Accounting – Chapter 16
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To answer these questions, Book Link is below:
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These questions should be based on Government and Not for profit Accounting that’s my subject name.
Need to the Points Answers only : Not One page long one answer.
Complete Ex 12-7 on page 581.
EX XXXXXXXXXXInternet-based exercise The objective of this exercise is to get you familiar with the audited financial statements and IRS Form 990 of a Nonprofit Entity, the American Cancer Society (www.cancer.org) and obtain the audited financial statements for the fiscal year ended December 31, 2014 and Form 990 for 2014. Form 990 can also be obtained from www.Guidestar.org Answer the following questions.
1. The annual financial statements of the Cancer Society indicate that these are Combined Audited Financial Statements. Which entities are included in this combined report?
2. What type of information is available on the individual entities from the annual report?
3. The American Cancer Society changed its reporting fiscal year from August 31 to December 31 in 2013. What is the reason for the change? How will the change of the fiscal year affect your analysis of the Cancer Society’s historical performance?
Chapter 12 Objectives (Please make study guide for below objectives I will use this one as my Exam 3 study material)
1. Identify and discuss the standard-setting authorities responsible for NFP organizations (pages 528 – 529)
2. State how and explain why the financial statements of NPFs divide all resources into three categories (unrestricted, temporarily restricted, and permanently restricted) based on donor stipulations (pages XXXXXXXXXX)
3. Explain how contributions are distinguished from exchange transactions (pages 539 and 542)
4. Account for contributions, including pledges: both unrestricted and restricted (pages 542 – 546)
5. Explain when contribution of services should be recognized as revenue (pages 546 – 547)
6. Describe the special issues pertaining to conditional promises to give (pages 548 – 549)
7. Describe how capital assets should be depreciated and reported (pages 554 – 555)
8. Summarize the special problems of determining the cost of, and apply GAAP, for fund-raising activities
(pages 564 – 565)
9. Identify and discuss the factors that should be taken into account in assessing the financial condition of NFP entities (pages 567 – 574)
10. Compare FASB’s proposed changes to the not-for-profit financial statement model to the cu
(page 567 and outside readings)
11. Identify and discuss sources of information about not-for-profits (pages 570 – 571)
Omit: Collection items (pages XXXXXXXXXX); pass-through contributions pages 550 – 592); gains and losses on investments (pages 552 – 553); split interest agreements (pages 553 – 554); reporting entity (pages 555 – 556)
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