Exam 18: Accounting and Reporting for Private Not-For-Profit Organizations

On a Statement of Activities for a not-for-profit entity, what are the broad categories of supporting service costs required to be reported?

(Multiple Choice)

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Question 21

On a statement of functional expenses for a voluntary health and welfare entity, how are expenses classified?

(Multiple Choice)

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Question 22

What should Sterling Foundation report as supporting service expenses?

(Essay)

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Question 23

What is the appropriate account to debit when reducing net patient service revenue as a result of arrangements with third party payors?

(Multiple Choice)

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Question 24

In not-for-profit accounting, an acquisition occurs when one not-for-profit entity obtains:

(Multiple Choice)

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Question 25

Not-for-profit entities that are eligible to obtain tax-exempt status under Internal Revenue Code section 501(c)(4) are

(Multiple Choice)

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Question 26

Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for the animals?

(Multiple Choice)

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Question 27

Manna House, a local not-for-profit, provides food assistance to those in need. Manna House recently received two donations:a) Cash donation of $25,000 that must be used to purchase a vehicle to be used to deliver food. If the money is not used to purchase a vehicle for that purpose, the money must be returned to the donor.b) Donated furniture that may be used for the Manna House office, sold, or put to any other use Manna House sees fit. The fair value of the furniture is $10,000.Required:Prepare the journal entries for the receipt of these donations.

(Essay)

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Question 28

For each of the following situations, select the best letter answer to reflect the effect of the numbered item on the acquirer’s accounting entry at the date of combination when separate incorporation will be maintained. Item (4) requires two selections.

Direct costs.

Increase Investment account

Indirect costs.

Decrease Investment account

Stock issue costs.

Increase Liabilities

Correct Answer:

Verified

Direct costs.

Indirect costs.

Stock issue costs.

Contingent consideration.

Bargain purchase.

(Matching)

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Question 29

$540,000 of the $2,940,000 was expected to be uncollectible.Required:Prepare the necessary journal entry to record the anticipated uncollectible amount.

(Essay)

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Question 30

What criteria did the FASB establish for not-for-profit entities to use in determining if a contribution is conditional?

(Essay)

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Question 31

For a not-for-profit entity, what are supporting services expenses?

(Essay)

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Question 32

Which of the following is a voluntary health and welfare entity?

(Multiple Choice)

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Question 33

A local business donated medical supplies to Madison Home with a value of $45,000. Prepare the journal entry for the receipt of these supplies.

(Essay)

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Question 34

How does a recipient not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?

(Essay)

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Question 35

Which entry would be the correct entry on the donor's books when the donor retains control of an asset, such as cash, which it contributes to a not-for-profit entity?

(Multiple Choice)

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Question 36

With respect to the donations received in 2019, what total amount should be recorded as an increase to Net Assets with Donor Restrictions?

(Multiple Choice)

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Question 37

When are unconditional promises to give recognized as revenues?

(Multiple Choice)

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Question 38

Which of the following is not true about a merger of two not-for-profit entities?

(Multiple Choice)

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Question 39

Which of the following types of health care entities recognize depreciation expense?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 74

On a Statement of Activities for a not-for-profit entity, what are the broad categories of supporting service costs required to be reported?

On a statement of functional expenses for a voluntary health and welfare entity, how are expenses classified?

What should Sterling Foundation report as supporting service expenses?

What is the appropriate account to debit when reducing net patient service revenue as a result of arrangements with third party payors?

In not-for-profit accounting, an acquisition occurs when one not-for-profit entity obtains:

Not-for-profit entities that are eligible to obtain tax-exempt status under Internal Revenue Code section 501(c)(4) are

Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for the animals?

$540,000 of the $2,940,000 was expected to be uncollectible.Required:Prepare the necessary journal entry to record the anticipated uncollectible amount.

What criteria did the FASB establish for not-for-profit entities to use in determining if a contribution is conditional?

For a not-for-profit entity, what are supporting services expenses?

Which of the following is a voluntary health and welfare entity?

A local business donated medical supplies to Madison Home with a value of $45,000. Prepare the journal entry for the receipt of these supplies.

How does a recipient not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?

Which entry would be the correct entry on the donor's books when the donor retains control of an asset, such as cash, which it contributes to a not-for-profit entity?

With respect to the donations received in 2019, what total amount should be recorded as an increase to Net Assets with Donor Restrictions?

When are unconditional promises to give recognized as revenues?

Which of the following is not true about a merger of two not-for-profit entities?

Which of the following types of health care entities recognize depreciation expense?

Accounting for Estates and Trusts

Accounting for State and Local Governments, Part II

Accounting for State and Local Governments, Part I

Partnerships: Termination and Liquidation

Partnerships: Formation and Operation

Accounting for Legal Reorganizations and Liquidations

Financial Reporting and the Securities and Exchange Commission

Worldwide Accounting Diversity and International Accounting Standards

Translation of Foreign Currency Financial Statements

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Segment and Interim Reporting

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Consolidated Financial Statements Intra-Entity Asset Transactions

Consolidated Financial Statements and Outside Ownership

Consolidations - Subsequent to the Date of Acquisition

Consolidation of Financial Information

The Equity Method of Accounting for Investments

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