Below are the complete set of published financial statements taken from the annual report of the Jamestown Museum. The statements do not comply with generally accepted accounting principles for private not-for-profits in a number of ways. Review these statements and describe instances in which the statements fail to comply with accepted accounting standards. You must be able to justify your assertions - for example you cannot say they failed to capitalize leases if there is no evidence they have a qualifying lease.
Example:
(1)The financial statements contain no note disclosures. The notes are an integral part of the financial statements and many individual disclosures are required under FASB standards.

Question

Below are the complete set of published financial statements taken from the annual report of the Jamestown Museum. The statements do not comply with generally accepted accounting principles for private not-for-profits in a number of ways. Review these statements and describe instances in which the statements fail to comply with accepted accounting standards. You must be able to justify your assertions - for example you cannot say they failed to capitalize leases if there is no evidence they have a qualifying lease.
Example:
 (1)The financial statements contain no note disclosures. The notes are an integral part of the financial statements and many individual disclosures are required under FASB standards.

Quizplus · Accepted Answer

The Answer of Below are the complete set of published financial statements taken from the annual report of the Jamestown Museum. The statements do not comply with generally accepted accounting principles for private not-for-profits in a number of ways. Review these statements and describe instances in which the statements fail to comply with accepted accounting standards. You must be able to justify your assertions - for example you cannot say they failed to capitalize leases if there is no evidence they have a qualifying lease.
Example:
 (1)The financial statements contain no note disclosures. The notes are an integral part of the financial statements and many individual disclosures are required under FASB standards.

Below Are the Complete Set of Published Financial Statements Taken