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

If the total acquisition value of an acquired not-for-profit entity is greater than the fair value of all identifiable net assets of the entity, and that entity's revenues are not generated by rendering goods or services or from membership dues, then the excess of acquisition value over identifiable net assets is immediately reported:

What amount should be reclassified on the Statement of Activities for 2020 from the With Donor Restrictions column to the Without Donor Restrictions column?

When an acquisition occurs in not-for-profit accounting, recognition of goodwill depends on:

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

How does a not-for-profit entity account for: 1) cash contributions, and 2) donated goods that are received for operating purposes? What types of revenues are recognized by voluntary health and welfare entities?

What criteria must be met before a not-for-profit entity can recognize contributed services as a means of support?

What is the basis of accounting used in reporting the Statement of Activities?

Why did the FASB issue Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers?"

What is the appropriate account to credit when estimating a portion of health care entity's receivables that will prove to be uncollectible?

In accruing patient charges for the current month, which one of the following accounts should a hospital credit?

A gift to a not-for-profit school that is not restricted by the donor is recorded with a credit to:

Not-for-profit entities are required to present information about the nature and function of expenses and this information can be reported in which of the following?

Which entry would be the correct entry to record that a hospital has provided patient services for $200,000, of which 25% will be billed to a third party?

On a Statement of Activities for a not-for-profit entity, what is the minimum required classification for categories of expenses?

Which entry would be the correct entry on the not-for-profit entity's books to record a donor's gift when the donor retains power over the assets?

Which entry would be the correct entry to record pledges of $100,000 for a telethon event to raise money for a not-for-profit public television station? The public television entity estimates that 5% of the funds will be uncollectible.

With respect to the donations received in 2019, what amount should be reported in the Statement of Activities as net increase to Net Assets with Donor Restrictions for the year 2019?

What two classifications are used for the expenses incurred by voluntary health and welfare entities?

Which statement below is not correct for financial statements of not-for-profit entities?

How are investments in equity securities with readily determinable market values, and their related unrealized gains and losses, reported by a not-for-profit entity?