Chapter 1 The Government and Not-For-Profit Environment ------------------------------------------------- Questions for Review and Discussion 1. The critical distinction between for-profit businesses and not-for-profits including governments is that businesses have profit as their main motive whereas the others have service. A primary purpose of financial reporting is to report on an entity’s accomplishments — how well it achieved its objectives. Accordingly, the financial statements
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standard: Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB). SEC The SEC is a federal organization that helps develop standards for financial information presented to stockholders. SEC requirements are based on FASB and AICPA standard. The SEC believes that the best method of establishing accounting information in through private organizations. The SEC requires
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acquisition and construction of fixed assets. 2. The accounting cycle for most governments is two to three years, consistent with the terms of elected officials. 3. Most budgets are prepared on a cash or modified cash basis. 4. Neither the GASB nor the FASB sets standards for budgetary accounting. 5. State and local governments must prepare their GAAP budgetary comparisons on the modified accrual basis of accounting. 6. When budgets are integrated into a government’s accounting system, estimated
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Generally Accepted Accounting Principles Introduction In the past, the financial statements of health care organizations’ were fairly easy to compare. Historically, members of the healthcare community had applied similar sets of accounting rules without regard to their business structure. This meant that whether an organization was a for-profit, nonprofit, or a government owned, every healthcare entity was considered to be in the same industry and the accounting procedures they were forced
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permitted to prepare financial statements the same way corporations report special purpose entities. In other words they can report business type enterprises as SPI’s and not report the funds in fund statements. Public colleges and university must follow GASB pronouncements like other governmental institutions. They are allowed to follow the same reporting requirements as other special-purpose governments with a loophole that requires a choice in reporting. They can report as a special-purpose entity engaging
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Link to Get The Tutorial: http://www.myhomeworkspot.com/ACC455-Corporate-Taxation-Complete-Class-002.htm Week 1 Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting. Explain the objectives of the two standards boards and how they are similar and different. Describe how the modified accrual basis of accounting differs from full accrual
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CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ENTITIES OUTLINE |Number |Topic |Type/Task |Status | | | | |(re: 15/e) | |Questions: |
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Institute of Certified Public Accountants (AICPA), Financial Accounting Standard Board (FASB), Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB). The SEC is a structure for setting accounting standards. The ACIPA created the Accounting Principle Board and serves as an organization to provide CPA services the best professional resources, guidance, and information. The FASB was renewed by the Accounting Principle Board (APB). ACB consists of Financial Accounting
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Reporting Practices and Ethics Jennifer Randall HCS/405 November 15, 2011 St. John Sturton, MBA, CMRP Reporting Practices and Ethics Hospitals and evolving healthcare organizations face an intimidating financial situation in today’s healthcare atmosphere. “Decreasing revenues, increasing costs, and high consumer expectations present a complex challenge for healthcare administrators and medical directors who must not only manage in today’s climate, but also position their organizations
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Chapter 1 The Government and Not-For-Profit Environment Questions for Review and Discussion 1. The critical distinction between for-profit businesses and not-for-profits including governments is that businesses have profit as their main motive whereas the others have service. A primary purpose of financial reporting is to report on an entity’s accomplishments — how well it achieved its objectives. Accordingly, the financial statements of businesses measure profitability, their key objective
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