A nonprofit organization is fundamentally different than a for-profit organization. A social mission is at the center of a nonprofit and the organization exists to provide a particular service or services to the community and there is no “bottom line”. A for-profit organization exists primarily to generate a profit for the shareholders/owners. There are numerous differences between nonprofit and for-profit entities in addition to the fundamental differences stated above. The main differences
Premium Balance sheet Non-profit organization Asset
CHAPTER 1 The Changing Role of Managerial Accounting in a Dynamic Business Environment ANSWERS to Review Questions 1-1 The explosion in e-commerce will affect managerial accounting in significant ways. One effect will be a drastic reduction in paper work. Millions of transactions between businesses will be conducted electronically with no hard-copy documentation. Along with this method of communicating for business transactions comes the very significant issue of information security. Businesses
Premium Management accounting
1. Chapter 1‚ Holmes: “I have at least‚ a well-polished‚ silver-plated coffee-pot in front of me‚” (1). In the line before Watson is amazed by the fact that Holmes was able to figure out what was in Watson’s hand even though his body was turned. But then makes the snarky remark that he just has a well-polished pot. By doing this he is showing that he cannot do everything that he is still human. 2. Chapter 1‚ Watson: “I think‚” said I‚ following as far as I could the methods of my companion‚ “that
Premium Sherlock Holmes A Study in Scarlet Arthur Conan Doyle
Chapter One Quick Check: 1. Cells were not discovered by Hippocrates because he didn’t have the technology and equipment to. 2. Robert Hooke is credited with the discovery of the basic building block of living organisms. 3. Robert Brown is credited with the discovery of the cell nucleus. 4. Schleiden and Schwann’s contribution to biology was proposing that cells are the basic structural unit for plants and animals. 5. Before Virchow‚ one idea was that living things could arise from non-living
Premium Organism DNA Cell
Partnership – Basic Considerations and Formation 1 CHAPTER 1 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 1-1: a Jose’s capital should be credited for the market value of the computer contributed by him. 1-2: b (40‚000 + 80‚000) 2/3 = 180‚000 x 1/3 = 60‚000. 1-2: c 1-3: a Cash P100‚000 Land 300‚000 Mortgage payable ( 50‚000) Net assets (Julio‚ capital) P350‚000 1-4: b Total Capital (P300‚000/60%) P500‚000 Perla’s interest ______40% Perla’s capital P200
Premium Asset Balance sheet Generally Accepted Accounting Principles
Vocabulary Quiz Name _______________ Chapter 1 1. An accounting principle that states that assets should be recorded at their cost. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. An association of two or more persons to carry on as co-owners of a business for
Premium Generally Accepted Accounting Principles Balance sheet Income statement
Chapter 1: The Accounting Environment – What is Accounting and Why is it Done? Accounting is a system for gathering data about an entity’s economic activity‚ processing and organizing the data and in turn‚ communicating that information to people who want to use it to make decisions. Data are unprocessed facts about an entity’s economic activity that is entered into an accounting system whereas information results from organizing and presenting the data in ways that make it useful for decision
Premium International Financial Reporting Standards Tax Business
Myers Psychology 6/e Test Bank II CHAPTER 5 Sensation Learning Objectives Sensing the World: Some Basic Principles (pp. 172-177) 1. Contrast the processes of sensation and perception. 2. Distinguish between absolute and difference thresholds‚ and discuss research findings on subliminal stimulation. 3. Describe the phenomenon of sensory adaptation‚ and explain its functional value. Vision (pp. 177-188) 4. Explain the visual process‚ including the stimulus input‚ the structure of the
Premium Management Strategic management Marketing
Chapter 02 - Principles of Accounting and Financial Reporting for State and Local 11. The accounting system used by a state or local government must make it possible A. To present fairly the financial position and results of financial operations of the government as a whole‚ as well as fund financial activity in conformity with GAAP‚ and to demonstrate compliance with finance-related legal and contractual provisions. 12. Which of the following is not a characteristic of a fund as defined by GASB
Premium Generally Accepted Accounting Principles
Quiz #1 September 8‚ 2014 Name: Answer Key (1) For each of the following goods and services‚ identify if the good or service is counted in U.S. Gross Domestic Product (GDP) and provide a short explanation defending your decision. a. Household work completed by a maid (2 points). This service is included in GDP because the service is legal and has a market value. b. Milk bought by a bakery for use in the baking of donuts (2 points). The good is not included in GDP because it is an
Premium Goods Gross domestic product United States