ss major differences between a governmental entity's uses of the modified accrual method and a for-profit corporation's use of the accrual me
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Discuss major differences between a governmental entity's uses of the modified accrual
method and a for-profit corporation's use of the accrual method.
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- Which of the following is needed for a fiduciary relationship to exist? Multiple Choice The assets are controlled by outside entities. The assets are derived from the reporting entity’s own revenues, which are used to benefit others. The assets are for the benefit of individuals and/or entities that are not part of the reporting entity. The assets are derived from a pass-through grant for which the reporting entity has administrative responsibility.Which of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax leviesExplain Not-for-profit entities.
- In reporting the functional expenses of a not-for-profit entity, what are the two general types of expenses?State the various types of contributions that a private not-for-profit entity can receive.How would an entity report in its Statement of Activities restricted grants and contributions that qualify as program revenues but that may be used for either operating or capital purposes at the recipient’s discretion?
- Under what circumstances does GASB Statement No. 39 require a primary government to treat an affiliated, tax-exempt organization as a component unit? Would the affiliated organization be blended? Explain.These are involuntary fees levied on individuals or corporations and imposed by the government —whether local, regional, or national to finance government activities. a. Taxes b. Excise Taxes c. Property Tax d. VAT1) Write any two differences between non-profit organization and governmental organization?
- Which of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.Describe The entity concepts including the supporting constructs and expound on why the concept is important to Federal taxation.What are the three categories of net assets required by GAAP in reporting a not- for-profit organization?