Podcast Beta
Questions and Answers
What is the equivalent of a balance sheet for non-profit entities?
Which method of reporting do non-profit entities use for all their activities?
What tax form might non-profit entities have to file to report their activities and finances to the IRS?
Which source provides accounting guidance under US GAAP specifically for not-for-profit entities?
Signup and view all the answers
Which organization contributes to international standards for NPOs, supporting financial management and reporting?
Signup and view all the answers
What is the primary purpose of governmental entities?
Signup and view all the answers
How are non-profit entities owned and governed?
Signup and view all the answers
What is the profit motive of non-profit entities?
Signup and view all the answers
How are governmental entities primarily funded?
Signup and view all the answers
What accounting standards do non-profit entities follow?
Signup and view all the answers
Non-profit entities are primarily funded through taxes and fees.
Signup and view all the answers
Governmental entities are owned and governed by a board of directors or trustees.
Signup and view all the answers
Governmental entities follow the Financial Accounting Standards Board (FASB).
Signup and view all the answers
Non-profit entities have a profit motive and aim to generate surplus funds.
Signup and view all the answers
The primary purpose of governmental entities is to focus on social causes such as charity and healthcare.
Signup and view all the answers
Governmental entities use the statement of financial position, while non-profit entities use the statement of net position.
Signup and view all the answers
Governmental entities are generally exempt from income taxes and may only be subject to sales tax or property tax.
Signup and view all the answers
Non-profit entities are always exempt from income taxes and do not need to file any tax forms with the IRS.
Signup and view all the answers
ASC 958 is a source that provides accounting guidance under US GAAP specifically for governmental entities.
Signup and view all the answers
The International Financial Reporting for Non-Profit Organisations (IFR4NPO) project aims to develop internationally applicable financial reporting guidance for NPOs, specifically for Ethiopia.
Signup and view all the answers
