Gov and NFP Accounting

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surfbreakn2000
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250761
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Gov and NFP Accounting
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2013-12-04 14:38:01
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Accounting
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Gov and nFP Accounting
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  1. The FASB Accounting Standards Codification glossary defines a NFP as what?
    • Any entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity:
    • 1. Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return.
    • 2. Operating purposes other than to provide goods or services at a profit.
    • 3. Absence of ownership interests like those of business entities.
  2. Not For Profits have the following factors:
    • 1. Have transactions that are infrequent in business (such as grants and contributions)
    • 2. Have no single indicator of performace
    • 3. Report net assets rather than equity
  3. Not for Profit entities are generally divided into four categories
    • 1. Voluntary Health and Welfare Organizations
    • 2. Other Private Not for Profit Organizations
    • 3. Health Care Organizations
    • 4. Educational Institutions (private)
  4. Private NFP organizations must follow all applicable _______________ standards in recording transactions.
    FASB
  5. The ________________ is the single authoritative source of US accounting and reporting standards for nongovernmental entities.
    FASB ASC
  6. What certain FASB standards apply only to NFP organizations?
    • 1. FASB ASC 958
    •      a. Accounting for Contributions Received and Contributins Made
    •      b. Financial statements of NFP Organizations
  7. The AICPA has developed two Audit and Accounting Guides that correspond and add to the FAsb principles
    • 1. NFP entities -applies only to private sector NFP
    • 2. Health Care Organizations - Applies to all Health care organizations
  8. Governmental NFP organiztions are governed by ______. These include ________, ______, and ________.
    • 1. GASB
    • 2. State universities
    • 3. Community Colleges
    • 4. Government owned Health care facilities
  9. Required Financial statements for NFP Organizations.
    • 1. Statement of Financial Position
    • 2. Statement of Activities
    • 3. Statement of Cash Flows
    • 4. Statement of Functional Expenses
  10. The Statement of Financial Position includes what?
    • 1. Assets
    • 2. Liabilities
    • 3. Net Assets
    •     a. Unrestricted NA
    •     b. Temp. Restricted NA
    •     c. Perm. Restricted NA
  11. The Statement of Activities includes what?
    • 1. Revenues, expenses, gains and losses
    • 2. Classified into three categories
    •     a. Unrestricted
    •     b. Temp. Restricted
    •     c. Perm. Restricted
    • 3. The performance indicator for NFP organizations is Change in Net Assets
    • 4. There are no dividends
  12. The Statement of Cash Flows includes what?
    • 1. Classified into three sections
    •     a. Operating activities
    •     b. Financing Activities
    •     c. Investing Activities
    • 2. Can be prepared on either direct or indirect basis
  13. The Statment of Functional Expenses is requred for who?
    Required for voluntary health and welfare organizations, and although not mandatory, is encouraged for other organizations
  14. What does the Statement of Functional Expenses analyze?
    Expenses by their natural expense classification (salaries, rent, utilities) rather than by function (education, patient care)
  15. The most common groups of functional classifications are what?
    • 1. Program support services expenses
    • 2. Fundraising expenses
    • 3. Management and general expenses
  16. What is the purpose of the Statement of Functional Expenses?
    To provide more detail than the Statement of Activities in order to show details of the organization's spending on direct programs vs. general overhead costs

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