Listed below are some identifying characteristics of organizations. Indicate wit

Question

Listed below are some identifying characteristics of organizations. Indicate with a check mark (Y) in the appropriate column(s) those characteristics that apply to each type of organization. (Hint: Some characteristics may apply to more than one type of organization).

Characteristics of Organizations

Type of Organization

Business

Not-for-

Profit

Government

Has a need for accounting

Operates according to a legal budget

Has equity shareholders

Receives voluntary contributions

Levies and enforces collection of taxes

Revenues are based on exchange transactions

Follows fund accounting

Is exempt from federal income taxes

Financial reporting focuses on entity as a whole

Characteristics of Organizations

Type of Organization

Business

Not-for-

Profit

Government

Has a need for accounting

Operates according to a legal budget

Has equity shareholders

Receives voluntary contributions

Levies and enforces collection of taxes

Revenues are based on exchange transactions

Follows fund accounting

Is exempt from federal income taxes

Financial reporting focuses on entity as a whole

Explanation / Answer

Not-for-

Profit

TYPe of Organization Characteristics of Organizations Business

Not-for-

Profit

Government Has a need for accounting Y Y Y Operates according to a legal budget N Y Y Has equity shareholders Y Y Y Receives voluntary contributions N Y N Levies and enforces collection of taxes N N Y Revenues are based on exchange transactions Y N Y Follows fund accounting Y Y Y Is exempt from federal income taxes N Y N Financial reporting focuses on entity as a whole Y Y Y

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.