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Accounting for Not-for-Profit Organizations – Chapter 21 Summary (Advanced Accounting, 10th Edition)

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This comprehensive Accounting for Not-for-Profit Organizations summary is based on Chapter 21 of Advanced Accounting (Beams et al., 10th Edition). It explains FASB and GASB principles, categories of not-for-profit entities, types of net assets, and required financial statements. Topics include accounting for voluntary health and welfare organizations, hospitals, and universities, as well as contributions, fund accounting, and statement preparation. Perfect for accounting students and CPA candidates studying nonprofit reporting standards.

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Chapter 21:Accounting for Not-
for-Profit Organizations
by Jeanne M. David, Ph.D., Univ. of Detroit Mercy

to accompany
Advanced Accounting, 10th edition
by Floyd A. Beams, Robin P. Clement,
Joseph H. Anthony, and Suzanne Lowensohn


© Pearson Education, Inc. publishing as Prentice Hall 21-1

, Not-for-Profits : Objectives
1. Learn about the four main categories of not-for-
profit organizations
2. Differentiate between governmental and
nongovernmental not-for-profit organizations.
3. Introduce FASB not-for-profit accounting
principles.
4. Apply not-for-profit accounting principles to
voluntary health and welfare organizations.


© Pearson Education, Inc. publishing as Prentice Hall 21-2

, Objectives (cont.)
5. Apply not-for-profit accounting principles to
hospitals and other health care organizations.
6. Apply not-for-profit accounting principles to
private not-for-profit colleges and universities.




© Pearson Education, Inc. publishing as Prentice Hall 21-3

, Accounting for Not-for-Profit Organizations
1: Categories of NFPs


© Pearson Education, Inc. publishing as Prentice Hall 21-4

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