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Answer the questions using this table: ACCOUNTS Fundraising expenses $40,705 Contributions Permanent $78,215 Non-restrictive...

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Accounting

Answer the questions using this table:

ACCOUNTS Fundraising expenses $40,705 Contributions Permanent $78,215 Non-restrictive $15,325 Temporarily restricted $179,200 Donations: Temporarily restricted $7,620 Permanent $2,525 Non-restrictive $5,775 Training and research expenses $14,142 Other income: Permanent $13,000 Retail sales $125,000 General and administrative expenses $110,748 Program Services $108,575 Subsidies: Temporarily restricted $26,000 Permanent $277,000 Non-restrictive $16,350

Questions:

1. What are GASBs? How do they differ from FASBs? (4 points) 2. The accounting equation for a for-profit company is: Assets = Liabilities + Capital. What would be the accounting equation for a non-profit company? (3 points) 3. It mentions the main sources of income for government units. (3 points) 4. It mentions the three basic financial statements required for nonprofit organizations and their functions. (2 points for state and function, 6 points)

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