1. What characteristics differentiate G&NP organizations from profit-seeking entities?

2. List four factors that cause society to subject G&NP organizations to more stringent legal, regulatory, and other controls than it imposes on private businesses.

3. Legal and administrative constraints are society’s tools for directing G&NP institutions in achieving their objectives. This results in an emphasis on control of and accountability for expendable financial resources in G&NP organization accounting and financial reporting rather than on net income determination. Why can’t the profitability measure provide this direction? Identify various legal and administrative control provisions unique to G&NP organizations and explain their impact on accounting and reporting for such organizations.

4. Discuss the “funds flow” concept as it applies to the operations of G&NP organizations.

5. Contrast the cost measurement focus used by proprietary (nonexpendable) funds and governmental (expendable) funds.

6. Contrast the following concepts as they are used in commercial and G&NP accounting:

a. Accounting entity

b. Periodicity

c. Matching

d. Going concern

7. Describe the key unique characteristics and major types of government and nonprofit (G&NP) organizations.

8.Describe the objectives of G&NP accounting and financial reporting.

9. Identify the authoritative sources of financial reporting standards for various types of G&NP organizations and the level of authority (hierarchy) of various pronouncements and guides.

10.Summarize the key distinguishing characteristics, concepts, and objectives of G&NP accounting and financial reporting. Explain the key characteristics of state and local government financial reporting.

Answer rating: 100% (QA)

1 a Government and nonprofit GNP organizations are serviceoriented and there is no profit motive inherent in their inception or operation b They usually are owned collectively and ownership interests ... View the full answer