Which types of financial statements (balance sheet, income statement, cash flow statement, internal budget, operating plan) would be most meaningful to supply to the board members of a publicly-held company seeking to expand operations? Would your answer be different if working with a private company?
|Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets|
Determine the correct category for the following items a to d and explain your rationale:
a) Revenue from gift shop sales
b) Donor gives cash to the organization, specifying it cannot be used until the following year
c) Donor makes a pledge for current year operations but it is not yet paid
d) Donor gives organization a statue, but makes it promise to only display the statue and not sell it.
Ives, M., Patton, T., Patton, S. (2013). Introduction to governmental and not-for-profit accounting (7th ed.). Pearson.