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Advanced Accouting

In: Business and Management

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Chapter 18

1. The Financial Accounting Standards Board (FASB) sets accounting standards used by private not-for-profit colleges and universities.

2. Current and potential contributors and other interested parties want to know how financially stable these organizations are and how they use the monies they receive. Future gifts or grants are often based, at least in part, on the organization’s ability to convince donors that it uses its resources wisely to accomplish state goals. Financial statements are vital to this objective because they report both the resources generated and the spending decisions that have been made.

3. The financial statements required for private not-for-profit colleges and universities are: A. The statement of financial position B. The statement of activities and changes in net assets C. The statement of cash flows

4. Temporarily restricted assets are those that may originally be restricted, however are not permanently restricted. When a temporary restriction (either time or usage) is fulfilled, that amount is reclassified as unrestricted at that time. May no longer be restricted because: -Money was appropriately expended for an expense as designated by the donor -Money was appropriately expended for an asset as designated by the donor -A donor restriction based on time was satisfied

5. Permanently restricted assets are those that may only be used for the reason designated by the donor. There is no time limit for when a permanently restricted asset may become unrestricted.

6. Private not-for-profit organizations report two types of expenses. The first type is program services, which are the organization’s activities relating to its mission. Within this category, several programs may be reported or only one. The second type is supporting services. They consist of administrative costs and…...

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