Question 1

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Accepted Answer

A)  Assigned, Committed, and Unrestricted. 
B)  Net investment in capital assets, Restricted, and Unrestricted. 
C)  Partially Restricted, Temporarily Restricted, Unrestricted. 
D)  None of the above. 
A)  Assigned, Committed, and Unrestricted. 
B)  Net investment in capital assets, Restricted, and Unrestricted. 
C)  Partially Restricted, Temporarily Restricted, Unrestricted. 
D)  None of the above.

Question 2

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

Accepted Answer

A)  Political parties. 
B)  Voluntary health and welfare organizations. 
C)  City libraries. 
D)  Private foundations. 
A)  Political parties. 
B)  Voluntary health and welfare organizations. 
C)  City libraries. 
D)  Private foundations.

Question 3

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Accepted Answer

A) True 
 B)False

Question 4

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Accepted Answer

A) True 
 B)False

Question 5

Which of the following factors,if present,would indicate that a transaction is not a contribution?

Accepted Answer

A)  The resource provider received value in exchange. 
B)  The resource provider entered into the transaction voluntarily. 
C)  The transfer of assets was unconditional. 
D)  The organization has discretion in the use of the assets received. 
A)  The resource provider received value in exchange. 
B)  The resource provider entered into the transaction voluntarily. 
C)  The transfer of assets was unconditional. 
D)  The organization has discretion in the use of the assets received.

Question 6

What are the financial statements required for all nongovernmental,not-for-profit organizations?

Accepted Answer

A)  Statement of Financial Position, Statement of Activities, Statement of Cash Flows, Statement of Functional Expenses. 
B)  Statement of Financial Position, Statement of Activities, Statement of Functional Expenses. 
C)  Statement of Financial Position, Statement of Net Assets, Statement of Functional Expenses. 
D)  Statement of Financial Position, Statement of Activities, Statement of Cash Flows. 
A)  Statement of Financial Position, Statement of Activities, Statement of Cash Flows, Statement of Functional Expenses. 
B)  Statement of Financial Position, Statement of Activities, Statement of Functional Expenses. 
C)  Statement of Financial Position, Statement of Net Assets, Statement of Functional Expenses. 
D)  Statement of Financial Position, Statement of Activities, Statement of Cash Flows.

Question 7

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

Accepted Answer

A) True 
 B)False

Question 8

A Statement of Functional Expenses is required for public colleges and universities.

Accepted Answer

A) True 
 B)False

Question 9

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following contributed services would probably not be recognized as contribution revenue?

Accepted Answer

A)  An attorney donates her services to defend the Girl Scouts in a lawsuit. 
B)  A nurse donates her time to collect blood at an American Red Cross blood drive 
C)  An electrician donates his services to upgrade the electrical service at a mental health clinic. 
D)  State CPA society members hand out informational booklets at a shopping mall. 
A)  An attorney donates her services to defend the Girl Scouts in a lawsuit. 
B)  A nurse donates her time to collect blood at an American Red Cross blood drive 
C)  An electrician donates his services to upgrade the electrical service at a mental health clinic. 
D)  State CPA society members hand out informational booklets at a shopping mall.

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Which of the following factors,if present,would indicate that a transaction is not a contribution?

What are the financial statements required for all nongovernmental,not-for-profit organizations?

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

A Statement of Functional Expenses is required for public colleges and universities.

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Which of the following contributed services would probably not be recognized as contribution revenue?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 10: Accounting for Private Not-For-Profit Organizations

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Which of the following factors,if present,would indicate that a transaction is not a contribution?

What are the financial statements required for all nongovernmental,not-for-profit organizations?

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

A Statement of Functional Expenses is required for public colleges and universities.

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Which of the following contributed services would probably not be recognized as contribution revenue?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters