Podcast
Questions and Answers
What is the equivalent of a balance sheet for non-profit entities?
What is the equivalent of a balance sheet for non-profit entities?
- Fiduciary funds
- Statement of net position (correct)
- Proprietary funds
- Governmental funds
Which method of reporting do non-profit entities use for all their activities?
Which method of reporting do non-profit entities use for all their activities?
- Only one method of reporting (correct)
- Governmental funds
- Fiduciary funds
- Proprietary funds
What tax form might non-profit entities have to file to report their activities and finances to the IRS?
What tax form might non-profit entities have to file to report their activities and finances to the IRS?
- IFR4NPO
- ASC 958
- Form 990 (correct)
- Statement of financial position
Which source provides accounting guidance under US GAAP specifically for not-for-profit entities?
Which source provides accounting guidance under US GAAP specifically for not-for-profit entities?
Which organization contributes to international standards for NPOs, supporting financial management and reporting?
Which organization contributes to international standards for NPOs, supporting financial management and reporting?
What is the primary purpose of governmental entities?
What is the primary purpose of governmental entities?
How are non-profit entities owned and governed?
How are non-profit entities owned and governed?
What is the profit motive of non-profit entities?
What is the profit motive of non-profit entities?
How are governmental entities primarily funded?
How are governmental entities primarily funded?
What accounting standards do non-profit entities follow?
What accounting standards do non-profit entities follow?
Non-profit entities are primarily funded through taxes and fees.
Non-profit entities are primarily funded through taxes and fees.
Governmental entities are owned and governed by a board of directors or trustees.
Governmental entities are owned and governed by a board of directors or trustees.
Governmental entities follow the Financial Accounting Standards Board (FASB).
Governmental entities follow the Financial Accounting Standards Board (FASB).
Non-profit entities have a profit motive and aim to generate surplus funds.
Non-profit entities have a profit motive and aim to generate surplus funds.
The primary purpose of governmental entities is to focus on social causes such as charity and healthcare.
The primary purpose of governmental entities is to focus on social causes such as charity and healthcare.
Governmental entities use the statement of financial position, while non-profit entities use the statement of net position.
Governmental entities use the statement of financial position, while non-profit entities use the statement of net position.
Governmental entities are generally exempt from income taxes and may only be subject to sales tax or property tax.
Governmental entities are generally exempt from income taxes and may only be subject to sales tax or property tax.
Non-profit entities are always exempt from income taxes and do not need to file any tax forms with the IRS.
Non-profit entities are always exempt from income taxes and do not need to file any tax forms with the IRS.
ASC 958 is a source that provides accounting guidance under US GAAP specifically for governmental entities.
ASC 958 is a source that provides accounting guidance under US GAAP specifically for governmental entities.
The International Financial Reporting for Non-Profit Organisations (IFR4NPO) project aims to develop internationally applicable financial reporting guidance for NPOs, specifically for Ethiopia.
The International Financial Reporting for Non-Profit Organisations (IFR4NPO) project aims to develop internationally applicable financial reporting guidance for NPOs, specifically for Ethiopia.
