What are the two categories into which NFPs must classify their net assets? Describe which net assets

Question:

What are the two categories into which NFPs must classify their net assets? Describe which net assets are included in each category. Would board designated net assets be reported as net assets with donor restrictions? Explain your answer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting for Governmental and Nonprofit Entities

ISBN: 978-1259917059

18th edition

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

See More Books

Question Posted: Nov 12, 2018 05:03 AM

See More Questions

What are the two categories of accounting changes? Explain briefly why such changes are made.
What are the two categories of relationships between classes?
What are the two categories of liabilities reported on the balance sheet? Provide examples of each.
A steam generator consists of a bank of stainless steel (k = 15 W/m K) tubes having the core configuration of figure and an inner diameter of 13.8 mm. The tubes are installed in a plenum whose...
A person holds a 1.42-N baseball in his hand, a distance of 34.0 cm from the elbow joint, as shown in FIGURE 11-40. The biceps, attached at a distance of 2.75 cm from the elbow, exerts an upward...
Robert Cooper is considering purchasing a piece of business rental property containing stores and offices at a cost of $250,000. Cooper estimates that annual disbursements (other than income taxes)...
What are some reasons a potential prospect might not be readily accessible? How far should you go to try to overcome such an accessibility problem before you move to the next lead?
Carleton Company has two service departments and two production departments. Information on annual manufacturing overhead costs and cost drivers follows: The company allocates service department...
On July 3, 2009, Devin purchased 100 shares of CDEF stock at a price of $30 per share. The commission paid was $29. He sold his shares on July 6, 2011, at a price of $45 per share and the commission...
Leonardo da Vinci (1452-1519) drew a sketch of a man, indicating that a person's armspan (measuring across the back with arms outstretched to make a "T") is roughly equal to the person's height. To...
Identify the authoritative accounting standard-setting bodies for governmental not-for-profit organizations and nongovernmental not-for-profit organizations.
How does addition and multiplication with a scalar have to be defined in order to make matrices a vector space?
In the city water tower, water is pumped up to a level 25 m above ground in a pressurized tank with air at 125 kPa over the water surface. This is illustrated in Fig. P2.84. Assuming the water...
Consider the following case which illustrates a typical chain of equity investments in the startup and early growth of a venture that qualifies for venture capital: Upon incorporation, the Board...
Given the circuit below xo 20- OF a) What is the Boolean expression for the circuit? b) What is the truth table for the circuit? c) Prove the minimum boolean expression using a Karnaugh Map.
Write the Python code for the function getEvenCount(num), where num is an integer. The function returns the number of even-valued digits in num. 0, 2, 4, 6, and 8 are even digits. You are not allowed...
N1 91 1 NFA N1 92 0, 93 94 Show the computation of N1 on each of the following inputs: 1. 010 2. 11011 3. 111 4. 10001
What are the memory locations that has the value 0X55? LDI R19,0x7 LDI R16,0x55 LDI YL,LOW($140) LDI YH,HIGH($140) ST Y+, R16 DEC R19 BRNE L1 L1:
Your employer asks you to build a 20-cm-long solenoid with an interior field of 5.0 mT. The specifications call for a single layer of wire, wound with the coils as close together as possible. You...
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at...
Following is the June 30, 2013, statement of net position for the City of Bay Lake Water Utility Fund. Required a. For fiscal year 2014, prepare general journal entries for the Water Utility Fund...
Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2014, the following transactions occurred: 1. Interest received on investments totaled $42,400. 2. The city...
Identify the different types of trust funds and explain the purpose of each type. Discuss.
can anyone let me know what the capital and non-capital purchases would be from the cash book records Ben's Bookkeeping Cash Receipts Journal GST Other receipts Date Rec no. Particulars Bank...
When assessing a foreign country, market managers have to evaluate how feasible it is to target the market. What are marketing model drivers and enabling conditions? Briefly explain using the example.
The firm is looking to invest (in Year 0) in the design and development of an e-bike docking station for which a Return on Investment (ROI) of 30% is desired by the firm which anticipates an annual...

What are the two categories into which NFPs must classify their net assets? Describe which net assets

Question:

Step by Step Answer:

FASB ASC 95820545 requires notforprofit organizations to separate net assets into the two classifica...View the full answer

Accounting for Governmental and Nonprofit Entities

Students also viewed these Business questions