Government and Not for profit Accounting – Chapter 16 My Book Details are: To answer these...

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Government and Not for profit Accounting – Chapter 16
My Book Details are:
To answer these questions, Book Link is below:
https:
eader.yuzu.com/#
Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018
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
ent model
(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)
For any confusion Please call me on XXXXXXXXXXor email me on XXXXXXXXXX

tae_636675232168614284_119707_1.docx

Preeta · Accepted Answer

GOVERNMENT AND NON PROFIT ORGANIZATION
GOVERNMENT AND NON PROFIT ORGANIZATION	
	
NAME:			XXXXXXXXXX
STUDENT ID:		XXXXXXXXXX
COORDINATOR:		XXXXXXXXXX
Ex. 12-7
1.	The annual financial statements of the American Cancer Society indicate that these are Combined Audited Financial Statements. Which entities are included in this combined report?
Ans:	The entities which are included in the combined audited financial statement are American Cancer Society, Inc., Cancer Action Network, and ACS Puerto Rico.
2. 	What type of information is available on the individual entities from the annual report?
Ans:	The following information is found about the individual entities:
· American Cancer Society, Inc. is a health organization working continuously towards fighting cancer in the way of patient support, research, prevention program, detection and treatment.
· Cancer Action Network works towards implementing laws and policies to make cancer as the top priority of the country. Their main aim is to aware the politicians of the country about cancer.
· ACS Puerto Rico is the branch of American Cancer Society in Puerto Rico, motive and functioning same as the main branch.
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?
Ans:	As reported in the financial statement of 2013 of American Cancer Society, managerial alteration was the main reason for the fiscal year to be changed from August 31 to December 31 in 2013. More specifically, to make the fiscal year same as the main trade phase.
	Change of the fiscal year affected the analysis of the Cancer Society’s historical performance since the financial statement of 2012 was up to 31st August, 2012 and the financial statement of 2013 is from 1st January, 2013. So, the financial information from 1st September, 2012 to 31st December, 2012 was unavailable and was not provided by the organization for analysis.
Chapter 12 Objectives
1.	Identify and discuss the standard-setting authorities responsible for NFP organizations.
Ans:	The authorities setting standard for NFP organizations are Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA). FASB has control over all nonprofit organization apart from federal government. To summarize FASB standards, AICPA has furnished two audit guides.
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.
Ans:	The resources are divided on the basis of restriction of donors, so that management takes the responsibility of using the resources as per donor’s wish. 
	Unrestricted resources are those which have no restrictions on them by donors.

Government and Not for profit Accounting – Chapter 16 My Book Details are: To answer these questions, Book Link is below: https://reader.yuzu.com/#/ Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018...

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