《高级会计学(第10版)习题答案ch21_Beams10e_sm.pdf》由会员分享，可在线阅读，更多相关《高级会计学(第10版)习题答案ch21_Beams10e_sm.pdf（14页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、 2009 Pearson Education,Inc.publishing as Prentice Hall 21-1 Chapter 21 ACCOUNTING FOR NOT-FOR_PROFIT ORGANIZATIONS Questions 1 The financial statements required for nongovernmental not-for-profit entities include a statement of financial position,a statement of activities,and a cash flow statement.
2、Voluntary health and welfare organizations also provide a statement of functional expenses.2 Each hospital,college,and voluntary health and welfare organization(and other not-for-profit organizations as well)must be evaluated to determine whether it meets the definition of a government in the author
3、itative literature.Those that meet the definition of a government must apply the government GAAP hierarchy.GASB standards are the most authoritative guidance for these entities.All other entities are to apply FASB standards.3 A conditional promise to give depends on the occurrence of a specified fut
4、ure and uncertain event to bind the promisor.An unconditional promise to give depends only on the passage of time or demand by the promisee for performance.Organizations recognize conditional promises to give as contribution revenue and receivables when the conditions are substantially met(in other
5、words,when the conditional promise to give becomes unconditional);however,they account for a conditional gift of cash or other asset that may have to be returned to the donor if the condition is not met as a refundable advance(liability).Organizations recognize unconditional promises to give as rest
6、ricted or unrestricted contribution revenue and receivables in the period in which the promise is received.4 A donor-imposed condition provides that the donor will have his resources returned(or will be released from the promise to give)if the condition is not met.A donor-imposed restriction only li
7、mits the purpose or timing of use of the contributed assets.5 Unconditional promises to give with payments due in the next period are reported as restricted support(net of an appropriate allowance for uncollectible accounts)that increase temporarily restricted net assets,even if the resources are no
8、t restricted for specific purposes.6 When a time restriction is met,temporarily restricted net assets are reclassified as unrestricted net assets.The entry includes a debit to temporarily restricted net assetsreclassifications out and a credit to unrestricted net assetsreclassifications in.(Differen
9、t account titles,such as amounts released from restrictions,are permitted as well.)7 Gifts in kind are reported as unrestricted support that increases unrestricted net assets if the not-for-profit entity has discretion over the disposition of the resources and a fair value can be reasonably determin
10、ed.If fair value cannot be determined,the items are recorded as sales revenue when they are sold.If the not-for-profit entity has little or no discretion over disposition of the items,the gifts in kind should be accounted for as agency transactions.8 Program services of voluntary health and welfare
11、organizations are expenses incurred in meeting the social service objectives of the organization.Examples are research,public education,community services,and patient services.Supporting services consist of the organizations administrative and fund-raising costs,and expenses for these items are so c
12、lassified in the statement of activities.9 The statement of functional expenses for voluntary health and welfare organizations is intended to reconcile the functional classification of expenses(which results in highly aggregated data)with basic object-of-expenditure classifications that are less agg
13、regated and easier for many users to understand.2009 Pearson Education,Inc.publishing as Prentice Hall 21-2 10 Contributed services are recognized only if the services(a)create or enhance nonfinancial assets of the organization or(b)require specialized skills,are provided by individuals possessing t
14、hose skills,and would typically need to be purchased if not provided by donation.11 Charity care is excluded from both gross patient service revenue and from expense.The hospitals policy for providing charity care and the level of charity care provided are disclosed in notes to the financial stateme
15、nts.12 Net patient service revenues of hospitals are measured by deducting courtesy allowances and contractual adjustments from gross patient revenues.Uncollectible accounts expenses are not deducted in computing net patient service revenues.Net patient service revenues are reported in the statement
16、 of activities.13 The three major revenue groupings used by hospitals are patient service revenues,other operating revenue,and nonoperating gains.Examples are:Patient service revenuesroutine care,emergency room,recovery room,pharmacy Other operating revenuestuition from educational programs,research
17、 grants for specific purposes,gift shop sales Nonoperating gainsunrestricted gifts,unrestricted endowment income,gain on sale of plant assets,rents from property not used in hospital operations (Premium fees also are significant for many hospitals today.They would be reported as a separate line item
18、 under operating revenues.)14 Both the provision for bad debts(other than for charity care,which is not recorded as revenue)and depreciation are expenses of a hospital.Hospitals use full accrual accounting procedures.15 FASB Statement No.117 requires private not-for-profit universities to provide a
19、set of financial statements that includes a statement of financial position,statement of activities,statement of cash flows,and accompanying notes.Governmental universities are considered special-purpose governments under GASB Statements No.34 and 35.Special-purpose governments with more than one go
20、vernmental program or both governmental and business-type activities present both government-wide and fund financial statements,as well as the MD&A,notes,and required supplementary information.Special-purpose governments with only one governmental program may combine fund and government-wide stateme
21、nts,whereas those with only business-type activities should report only the financial statements required for enterprise funds,as well as the MD&A,notes,and required supplementary information.16 Government colleges and universities no longer have the option of using the AICPA college guide;however,m
22、any organizations may have retained AICPA model features for internal accounting and control purposes.17 Much guidance comes from the Financial Accounting and Reporting Manual,an accounting manual prepared by the National Association of College and University Business Officers(NACUBO)which is availa
23、ble as an online subscription service.18 GASB Statements No.34 and 35 require special-purpose government with more than one governmental program or both governmental and business-type activities to present both government-wide and fund financial statements,as well as the MD&A,notes,and required supp
24、lementary information.Special-purpose governments with only one governmental program may combine fund and government-wide statements,whereas those with only business-type activities should report only the financial statements required for enterprise funds,as well as the MD&A,notes and required suppl
25、ementary information.2009 Pearson Education,Inc.publishing as Prentice Hall 21-3 19 Functional classifications include the following:Instruction.Expenses for the educational programs Resource.Expenses to produce research outcome Public Service.Expenses for activities to provide noninstructional serv
26、ices to external groups Academic support.Expenses to provide support for instruction,research,and publications Student Services.Amounts expended for admissions and registrar,and amounts expended for students emotional,social,and physical well-being Institutional support.Amounts expended for administ
27、ration and the long-range planning of the university Operation and maintenance of plant.Expenses for operating and maintaining the physical plant(net of amounts to auxiliary enterprises and university hospitals)Student aid.Expenses from restricted or unrestricted funds in the form of grants,scholars
28、hips,or fellowships to students.20 Property,plant,and equipment acquired by a not-for-profit organization with unrestricted or restricted resources may be recorded at acquisition as unrestricted or temporarily restricted.If temporarily restricted,the assets are reclassified when depreciation is reco
29、gnized.EXERCISES E21-1 E21-2 E21-3 1 d 1 b 1 b 2 a 2 a 2 b 3 d 3 d 3 c 4 c 4 b 4 d 5 b 5 c 5 a E21-4 E21-5 E21-6 1 a 1 b 1 b 2 b 2 b 2 a 3 a 3 c 3 a 4 a 4 c 4 c 5 c 5 d 5 b E21-7 1 b 2 a 3 c 4 a 5 d E21-8 Program services:Education$20,400 Public Health 15,700 Research 12,000$48,100 Supporting servic
30、es:Fund raising$11,400 Management and general 5,500$16,900 2009 Pearson Education,Inc.publishing as Prentice Hall 21-4 E21-9 1)Contributions receivable 20,000 Allowance for uncollectible contributions 600 Unrestricted support contributions 13,580 Restricted support contributions 5,820 To record cont
31、ribution revenues and an allowance for uncollectible accounts.Contributions that are not due until the next period imply a time restriction unless the donor explicitly stipulates that the pledge is for current expenditures.Thus,unrestricted net assets are increased by$13,580 and temporarily restrict
32、ed net assets are increased by$5,820.2)Cash 200 Restricted support contributions 200 To record a gift restricted to a special project.(Recall that some NFPs may record as unrestricted if the restriction is met in the same period.)Expenses community service program services 200 Cash 200 To record exp
33、enditures for restricted purpose.Temporarily restricted net assets reclassifications out 200 Unrestricted net assets reclassifications in 200 To record satisfaction of temporary restriction.3)Equipment 6,000 Unrestricted support Contributions 6,000 To record receipt of donated equipment.Depreciation
34、 expense community services 1,500 Accumulated depreciation equipment 1,500 To record depreciation expense for the year on unrestricted long-lived assets.The organization may also adopt an accounting policy that implies a time restriction that expires over the useful life of the donated asset.If the
35、gift is reported as restricted support in temporarily restricted net assets,depreciation is recorded as an expense in unrestricted net assets,which results in a reclassification for the amount of the depreciation from temporarily restricted to unrestricted net assets.4)Cash 8,000 Restricted support
36、contributions 8,000 To record receipt of donation restricted to the purchase of a truck.Accrued interest receivable 215 Restricted revenue investment income 215 To record accrual of interest on funds restricted for the purchase of a truck.The contribution of cash restricted for long-lived asset purc
37、hases increased temporarily restricted net assets,as did the donor-restricted investment income on those funds.5)Accounts receivable 735,000 Unrestricted revenues tuition and fees 735,000 To record tuition and fees.2009 Pearson Education,Inc.publishing as Prentice Hall 21-5 Tuition reduction:unrestr
38、ictedstudent aid 65,000 Accounts receivable 65,000 To record tuition reductions.Expenseseducational and generalinstitutional support 7,350 Allowance for uncollectible accounts 7,350 To record allowance for uncollectible accounts.6)Cash 3,000,000 Temporarily restricted contribution tobacco research 3
39、,000,000 To record receipt of restricted grant.Expenses tobacco research 1,200,000 Cash 1,200,000 To record expenses for tobacco research.Temporarily restricted contribution tobacco research 1,200,000 Contribution(unrestricted)1,200,000 To reclassify the contribution as unrestricted.PROBLEMS P21-1 V
40、oluntary Health and Welfare Organization gift 1 a Cash 5,000,000 Unrestricted supportcontributions 5,000,000 To record cash contribution received.b Expenses(by function)2,300,000 Cash 2,300,000 To record operating expenses paid.Private University Gift 2 a Cash 5,000,000 Restricted supportcontributio
41、ns research 5,000,000 To record restricted cash gift received.b Expensesresearch 2,300,000 Cash 2,300,000 To record research expenses.Temporarily restricted net assets reclassifications out 2,300,000 Unrestricted net assets reclassifications in 2,300,000 To record release of assets from temporary re
42、strictions.Local Hospital Gift 3 a Cash 5,000,000 Restricted support contributions 5,000,000 To record cash gift restricted for capital additions.b Construction in progress 2,300,000 Cash 2,300,000 To record construction costs incurred.2009 Pearson Education,Inc.publishing as Prentice Hall 21-6 Temp
43、orarily restricted net assets reclassifications out 2,300,000 Unrestricted net assets reclassifications in 2,300,000 To record release of assets from temporary restrictions.P21-2 Payment of salaries Expenses management and general 2,920 Expenses community service 11,680 Cash 14,600 To record payment
44、 of salaries allocated 20%to management and general services and 80%to program services.Donated services Expenses management and general 900 Unrestricted support donated services 900 To record donated services.Donated facilities Expenses management and general 600 Expenses community service 2,400 Un
45、restricted support donated facilities 3,000 To record allocation of donated facilities 20%to management and general and 80%to program services.Payment of utilities Expenses management and general 360 Expenses community service 1,440 Cash 1,800 To record payment of utilities allocated 20%to managemen
46、t and general and 80%to program services.Purchase and use of supplies Supplies inventory 300 Cash 300 To record purchase of supplies.Expenses management and general 60 Expenses community service 240 Supplies inventory 300 To record allocation of supplies expense 20%to management and general and 80%t
47、o program services.Administration and other expenses Expenses management and general 1,200 Expenses community service 4,800 Cash 6,000 To record payment of recordkeeping expenses allocated 20%to management and general and 80%to program services.2009 Pearson Education,Inc.publishing as Prentice Hall
48、21-7 Gifts in kind are reported as contributions since Share Shop has discretion over their distribution and a fair value is determinable.When gifts in kind are distributed to recipients,they are recorded as program expenses.If fair value cannot be determined,neither the contribution nor distributio
49、n would be recorded.Inventory nonperishable food 60,000 Inventory household items 40,000 Unrestricted support donated assets 100,000 To record receipt of donated food and household items.Expenses community service 65,000 Inventory nonperishable food 45,000 Inventory household items 20,000 To record
50、distribution of food and household items to qualified recipients.Cash contributions Cash 10,000 Unrestricted support contributions 10,000 To record receipt of cash contributions.Unconditional promises to give(solution assumes all pledges were due in 2008)Pledges receivable 20,000 Unrestricted suppor