Respuesta :
Answer:
NFPs (1) receive significant amounts of resources in the form of donations from providers; (2) operate for non-profit earning purposes; and (3) lack ownership interests that can be sold, transferred, or redeemed
What characteristics distinguish government organizations from NFPOs?
Government entities (1) have officers popularly elected or boards that are appointed or approved by entities that are governmental; (2) may have power to tax; (3) may have power to issue tax-exempt debt; or (4) can be dissolved unilaterally by a government and their net assets assumed by it without compensation.
What financial statements must be prepared by all VHWOs and ONPOs? What additional financial statements must be prepared by VHWOs?
(1) A statement of financial position, (2) a statement of activities, and (3) a statement of cash flows. VHOs prepare a statement of functional expenses.
Identify and briefly describe the three classifications of net assets on the financial statements of NFPOs.
1. Unrestricted: net assets are resources neither temporary nor permanently restricted.
2. Temporarily restricted: net assets result generally from contributions and other asset inflows whose use is limited by donor-imposed stipulations that expire over time or can be fulfilled and removed by the organization's actions in accordance with the stipulations.
3. Permanently restricted: net assets result generally from contributions and other asset inflows whose use is limited by donor-imposed stipulations that expire neither over time or being fulfilled or removed by the organization's actions.
State the 4 elements of the general rule for reporting the receipt of contributions other than services and collections.
1. Reported as revenues/gains in period received.
2. Reported as assets, decreases of liabilities, or expenses, depending on the form benefits take.
3. Measured at received benefits' FV
4. Reported as (un)restricted support
Restrictions donors may impose on the use of resources they contribute to NFPOs.
Temporary restriction-donation must be used for a specific purpose, such as a special training program; restriction satisfied when money is spent for purpose. Also when gift may be used.
Permanent restriction-endowment whose principal must be maintained intact permanently, but whose income by be used in any way by the organization or a specific purpose.
How are estimated uncollectible pledges expected to be reported in the NFPO's F/S?
Reported as deductions from revenue generated by pledges and as contras (subtractions) from the related receivables.
Differences between donor-imposed restriction and conditional promise to give? How is each reported in F/S?
DIR: limits use of contributed assets beyond broad limits resulting from organization's nature and asset's purpose
Explanation:
