Accounting for Not-for-Profit Organizations
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After studying this chapter, you should be able to:
| LO1 | Understand the basic composition of the financial statements produced for a private not-for-profit organization. |
| LO2 | Determine the proper classification for assets that are unrestricted, temporarily restricted, or permanently restricted and explain the method of reporting these categories. |
| LO3 | Explain the purpose and the construction of a statement of functional expenses. |
| LO4 | Report the various types of contributions that a private not-for-profit organization can receive. |
| LO5 | Understand the impact of a tax-exempt status. |
| LO6 | Account for both mergers and acquisitions of not-for-profit organizations. |
| LO7 | Describe the unique aspects of accounting for health care organizations. |
