Latest Questions & Answers

Q: Why do most NNOs use fund accounting?

Why do most NNOs use fund accounting?

Q: Distinguish an annuity fund from a life income fund.

Distinguish an annuity fund from a life income fund.

Q: How is a not-for-profit entity defined in the

How is a not-for-profit entity defined in the Codification?

Q: In which fund of a hospital are medical equipment and related long

In which fund of a hospital are medical equipment and related long-term obligations recorded? Would your answer be the same for a voluntary health and welfare organization? Explain.

Q: What fund is used to account for the library books owned by

What fund is used to account for the library books owned by a university? How should depreciation of the library books be reflected in the financial statements of the university?

Q: Universities and hospitals often reduce their standard service charge to students or

Universities and hospitals often reduce their standard service charge to students or patients. How are these reductions reflected in the statements of revenue and expenses of these organizations? Expl...

Q: What authoritative body(s) is (are) responsible for

What authoritative body(s) is (are) responsible for establishing financial accounting standards for NNOs?

Q: In what funds might property and other nonfinancial resources be recorded?

In what funds might property and other nonfinancial resources be recorded?

Q: In what funds would you expect bonds payable to be included?

In what funds would you expect bonds payable to be included?

Q: Expenditures may be classified by function, activity, object, or

Expenditures may be classified by function, activity, object, or organizational unit. Give an example of each classification for a municipality. Which classification is the most appropriate for extern...