Below Are the Complete Set of Published Financial Statements Taken

question 95

Essay

Below are the complete set of published financial statements taken from the annual report of the Hillsdale 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 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.

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Definitions:

Thin Line

Lines used in technical drawings to represent features that are not directly relevant to the object’s outline, such as dimensions, paths of motion, or hidden details.

Conventional Drafting

A manual drafting technique involving the use of tools like pencils, rulers, and compasses to create engineering drawings and architectural plans.

True Projection

A method of representation where an object is depicted with dimensions and angles accurately rendered as seen from a specific point.

Deviate

To diverge or stray from a set path, standard, or expected norm.