Expenses—Outflows or other using up of assets or incurrences of liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations Gains—Increases in net assets from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from revenues...

“Statement of Activities” is the name given to a statement that reflects all of a not-for-profit organization’s financial transactions and calculations from the beginning to the end of its fiscal year which result in increases and decreases in an organization’s net assets. The statement of activities is the not-for-profit organization’s equivalent to a commercial organization’s ...

In reviewing this statement of financial position, there are several characteristics of the statement that should be kept in mind. The financial position statements (as with all of the basic financial statements) are presented as comparative statements, showing the current fiscal year amounts compared with the prior fiscal year. Presenting information in a comparative format is not required by SFAS 117, but is the preferred method of presenting financial statements. Most readers of financial statements, including those of not-for-profit organizations, expect the financial statements to be...

The Museum of Accounting Statements of Financial Position September 30, 20X1 and 20X2 20X1 20X2 Assets Cash and cash equivalents $xxx $xxx Accounts receivable – xxx Unrestricted contributions receivable – xxx Prepaid expenses xxx xxx Investments xxx xxx Assets restricted to payment of long-term debt xxx xxx Deposits on property xxx xxx Property and equipment xxx xxx Assets restricted for permanent endowment xxx xxx Total...

One caution in classifying current assets is a specific statement in ARB 43 (chapter 3) that current assets should exclude “cash and claims to cash which are restricted as to withdrawal or use for other than current operations, are designated for expenditure in the acquisition or construction of non-current assets, or are segregated for the liquidation of long-term ...