Question: What is a not-for-profit organization? If their objective is not to make a profit, what is it? Why is a traditional income statement not appropriate

What is a not-for-profit organization? If their objective is not to make a profit, what is it? Why is a traditional income statement not appropriate for a not-for-profit organization?

Step by Step Solution

★★★★★

3.37 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Notforprofit organizations NFPO are economic entities whose objective is to provide ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

408-B-A-E (1343).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

You have been asked to review the following debtors list of assets and to prepare the schedule claiming property exempt from the bankruptcy estate. Please use the federal exemptions as designated in...

Prepare Financial Statements. The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2017,...

Moosehead Community Centre, a not for profit organization not subject to income taxes, is considering the purchase of a new snowplow costing $20,000. The estimated useful life is eight years, with no...

What is a not-for-profit organization? If the objective of not-for-profit organizations is not to make a.profit, then what is their objective? Why is a traditional income statement not appropriate...

1. Which one of the following is a feature of all business organizations? A. Objective of making a profit B. Structuring of tasks to achieve the organisation's objective C. Controlled by professional...

32 questions. urgent help! please help' asap!! Question 1 (0.5 points) All of the following are true of the executive summary of the business plan EXCEPT: It should be written once the rest of the...

please provide work in excel as well as any other explanations Classic Pen Company: Developing an ABC Model The Classic Pen Company Case Jane Dempsey, controller of the Classic Pen Company, was...

1. What circumstances exist at Classic Pen that would should convince them they need to implement activity-based costing? The 4 major activities consuming support costs at Classic Pen are as follows:...

As a manager of Classic Pen Company, what decisions would you make in light of your newly prepared activity-based costing analysis? The Classic Pen Company Case Jane Dempsey, controller of the...

The Classic Pen Company Case Jane Dempsey, controller of the Classic Pen Company, was concerned about the recent financial trends in operating results. Classic Pen had been the low-cost producer of...

Classic Pen Company: Developing an ABC Model The Classic Pen Company Case Jane Dempsey, controller of the Classic Pen Company, was concerned about the recent financial trends in operating results....

Find a combination of flights with the least total air time between the pairs of cities in Exercise 8, using the flight times shown in Figure 1. In Exercise 8 a) New York and Los Angeles b) Boston...

In Figure a proton is a distance d/2 directly above the center of a square of side d. What is the magnitude of the electric flux through the square? d/2

Let f ( x , y , z ) = 0 . 7 8 x + 6 . 2 3 y 3 . 3 9 z 4 . 1 1 . Using the slope of each variable, complete the sentences below. a ) The curve f Select an answer increases decreases by units for every...

A large study of 3000 Canadian children and their mothers found that the children of mothers who drank diet soda daily during pregnancy were twice as likely to be overweight at age 1 than children of...

An SRS of 880 drivers was asked: Recalling the last ten traffic lights you drove through, how many of them were red when you entered the intersections? Of the 880 respondents, 171 admitted that at...

For their final project, a group of AP Statistics students wanted to compare the texting habits of males and females. They asked a random sample of students from their school to record the number of...

If a seventh-order system has a row of zeros at the s 3 row and two sign changes below the s 4 row, how many j poles does the system have?

A survey asked first-year college students, How many miles is this college from your permanent home? Students had to choose from the following options: 5 or fewer, 6 to 10, 11 to 50, 51 to 100, 101...

If you want to continue categorizing, shift the View to Show Level 2 and repeat the same process you used in Step 8 to create Heading 1 categories.

Explain the need for, sources of, and applicability of GAAP.

Examine MWWs financial goals as reported in its annual report (page A-12). a. What are MWWs conservative and optimistic forecasts for combined corporate and franchise store sales for fiscal 2002? b....

Examine Table 5 and the related discussion in the Managements Discussion and Analysis section of MWWs 2001 annual report (page A-27). a. What are MWWs major product categories? b. Which product...

Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the...

Traditionally business entities were perceived to be responsible for their financial performance and that the principal stakeholders were the owners (shareholders). However, views are changing; it is...

Question 12 (1 point) Sweet Company applies overhead to jobs on the basis of 125% of direct labour cost. If Job 107 shows $10,000 of manufacturing overhead applied, how much was the direct labour...