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:
Answer rating: 55% (9 reviews)
FASB ASC 95820545 requires notforprofit organizations to separate net assets into the two classifica...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Question Posted:
Students also viewed these Business 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...
-
Tom, a junior stockbroker, has to prepare a presentation on options for a group of final year university students during their industry visit to Toms office. Which instruments, or options, do you...
-
Now that Gusto has hired more women engineers, what should it do to ensure that they do not leave the company?
-
Scora, Inc., is preparing its master budget for the quarter ending March 31. It sells a single product for $ 50 per unit. Budgeted sales for the next four months follow. Prepare a sales budget for...
-
3. Let the domain of the variable x be the set of real numbers. What is the truth value of each proposition? (a) Vx (x2x) (b) Vx (x <2x) (c) 3x (x2x) (d) 3x (x < 2x)
-
Four IR spectra, A D, are shown below. The compounds concemed are (in random order) 2-butanol (a secondary alcohol), heptanal (an aldehyde). 3-pentanone (a ketone) and acetic acid (ethanoic acid, a...
-
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?
-
To perform a bone scan, 3.8 10 6 Bq of 85Sr is injected into a patient. The half-life of 85Sr is 30.1 yr, and its mass is 84.9 u. What mass of 85 Sr is injected into the patient?
-
Draw the logic diagram of a 4-bit register with mode selection inputs S 1 and S 0 . The register is to be operated according to the function table below. S 0 0 1 1 So 0 0 1 0 1 Register Operation No...
-
(a) Design a 4-LUT using only 2-LUTs and 2-to-1 multiplexers. (b) Implement the function F = AB + CD + ABC + ABCD + ABCD using the 4-LUT from (a).
-
An integrated circuit logic family has NAND gates with a fan- out of eight standard loads and buffers with a fan- out of 16 standard loads. Sketch a schematic showing how the output signal of a...
-
What will be the values of A Corporation, B Company, and C Company after three years? Assume that each business (a) Required a $5,000,000 initial investment, (b) Earns an annual 10% before-tax rate...
-
How would your answers in Problem 45 change if partnership revenues were $100,000 instead of $150,000? Data From Problem 45: The KL Partnership is owned equally by Kayla and Lisa. Kaylas basis is...
-
Pristine Ltd. purchased 100% of the voting shares of Serene Ltd. for $1,500,000 on October 1, 20X6. The SFP of Serene Ltd. at that date was as follows: Required Provide the eliminations and...
-
The population of Detroit, Michigan, decreased from 1,027,974 in 1990 to 688,701 in 2013 (Source: U.S. Census Bureau). Find the average rate of change in the population of Detroit, Michigan, over the...
-
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.
-
The answer of the fiurth line is not 4, 8, 32 or 40. I just need the answer for the fourth line Question 1 Memory Allocation SUBMITTED How much memory (in bytes) is taken up by the following...
-
Critical Thinking 10-7: Dynamic Mobile Access There are so many opportunities now for people to allow constant and dynamic connection between their mobile phone and an external (often unregulated)...
-
In Matlab, create a code that puts the value three-halves pi radians, 3 ????, in a variable named "angle". Then set another variable named angleDegrees equal to a calculation that converts the value...
Study smarter with the SolutionInn App