A civic ballet company sells 10 "Benefactor" status memberships for $500 each. The Benefactors each receive a season ticket valued at $200 and a listing in the company's program. How would the ballet company record the sale of these 100 memberships? A. $\begin{array}{lll} \text { Cash } & \$ 5,000 & \\ \text { Deferred Revenue } && \$ 5,000 \\ \end{array}$ B. $\begin{array}{lcc} \text { Cash - Restricted } & \$ 3,000 \\ \text { Cash - Unrestricted } & 2,000 & \\ \quad \text { Contributions - Restricted } & & \$ 3,000 \\ \text { Revenue } & & 2,000 \end{array}$ C. $\begin{array}{lll} \text { Cash } & \$ 5,000 & \\ \text { Revenue } && \$ 2,000 \\ \text { Contributions - Restricted } && 3,000 \end{array}$ D. $\begin{array}{l} \text { Cash }& \$ 5,000 \\ \text { Deferred Revenue } && \$ 2,000\\ \text { Contributions }-\text { Unrestricted } &&3,000 \\ \end{array}$

A) Choice A B) Choice B C) Choice C D) Choice D A) Choice A B) Choice B C) Choice C D) Choice D

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

Net Assets must be presented separately in the Statement of Financial Position for the three classes (unrestricted, temporarily restricted and permanently restricted).

(True/False)

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Question 21

If a donor selects a scholarship recipient and then donates cash to a ballet school to fund that scholarship, the ballet school would:

(Multiple Choice)

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Question 22

A donor made a pledge in 2008 of $ 50,000 to a not-for-profit organization with the intent to pay the cash in 2009 for unrestricted use in 2009. The organization should:

(Multiple Choice)

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Question 23

Supporting activities as classified in the Statement of Activities, normally include

(Multiple Choice)

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Question 24

Which of the following is true regarding the Statement of Cash Flows for nongovernmental, not-for-profit organizations?

(Multiple Choice)

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Question 25

When should unconditional pledges be recorded as revenue?

(Multiple Choice)

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Question 26

What financial ratio is most commonly used to evaluate charitable organizations?

(Multiple Choice)

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Question 27

Which of the following is not true of a Statement of Activities prepared for a not-for-profit organization?

(Multiple Choice)

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Question 28

With respect to the Statement of Cash Flows for a not-for-profit organization, donor restricted cash that must be used for long term purposes is classified as cash flows from financing activities.

(True/False)

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Question 29

Which of the following is true regarding the Statement of Financial Position for nongovernmental, not-for-profit organizations?

(Multiple Choice)

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Question 30

Country clubs and labor unions are not included in the category "other not-for-profit" organizations because they provide benefit to their members only and not to the general public.

(True/False)

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Question 31

A civic ballet company sells 10 "Benefactor" status memberships for $500 each. The Benefactors each receive a season ticket valued at $200 and a listing in the company's program. How would the ballet company record the sale of these 100 memberships? A. Cash \ 5,000 Deferred Revenue \ 5,000 B. Cash - Restricted \ 3,000 Cash - Unrestricted 2,000 Contributions - Restricted \ 3,000 Revenue 2,000 C. Cash \ 5,000 Revenue \ 2,000 Contributions - Restricted 3,000 D. Cash \ 5,000 Deferred Revenue \ 2,000 Contributions - Unrestricted 3,000

(Multiple Choice)

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Question 32

Examples of voluntary health and welfare organizations would include the Girl Scouts and the American Heart Association.

(True/False)

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Question 33

The AICPA Not-for-Profit Guide applies to both governmental and nongovernmental not-for-profit organizations.

(True/False)

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Question 34

All donated services are recognized as revenue.

(True/False)

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Question 35

The Statement of Functional expenses can be classified by function (various programs, fund-raising, etc) or by natural classification (salaries, supplies, travel, etc.).

(True/False)

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Question 36

Which of the following would not be recognized as contribution revenue by a not-for-profit organization?

(Multiple Choice)

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Question 37

Cash flows must be presented separately in the Statement of Cash Flows for the three classes (unrestricted, temporarily restricted and permanently restricted).

(True/False)

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Question 38

Which of the following is true regarding the Statement of Activities for nongovernmental, not-for-profit organizations?

(Multiple Choice)

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Question 39

The following statement is true of not-for-profits

(Multiple Choice)

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Question 40

Showing 21 - 40 of 133

Net Assets must be presented separately in the Statement of Financial Position for the three classes (unrestricted, temporarily restricted and permanently restricted).

If a donor selects a scholarship recipient and then donates cash to a ballet school to fund that scholarship, the ballet school would:

A donor made a pledge in 2008 of $ 50,000 to a not-for-profit organization with the intent to pay the cash in 2009 for unrestricted use in 2009. The organization should:

Supporting activities as classified in the Statement of Activities, normally include

Which of the following is true regarding the Statement of Cash Flows for nongovernmental, not-for-profit organizations?

When should unconditional pledges be recorded as revenue?

What financial ratio is most commonly used to evaluate charitable organizations?

Which of the following is not true of a Statement of Activities prepared for a not-for-profit organization?

With respect to the Statement of Cash Flows for a not-for-profit organization, donor restricted cash that must be used for long term purposes is classified as cash flows from financing activities.

Which of the following is true regarding the Statement of Financial Position for nongovernmental, not-for-profit organizations?

Country clubs and labor unions are not included in the category "other not-for-profit" organizations because they provide benefit to their members only and not to the general public.

Examples of voluntary health and welfare organizations would include the Girl Scouts and the American Heart Association.

The AICPA Not-for-Profit Guide applies to both governmental and nongovernmental not-for-profit organizations.

All donated services are recognized as revenue.

The Statement of Functional expenses can be classified by function (various programs, fund-raising, etc) or by natural classification (salaries, supplies, travel, etc.).

Which of the following would not be recognized as contribution revenue by a not-for-profit organization?

Cash flows must be presented separately in the Statement of Cash Flows for the three classes (unrestricted, temporarily restricted and permanently restricted).

Which of the following is true regarding the Statement of Activities for nongovernmental, not-for-profit organizations?

The following statement is true of not-for-profits

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 Trust Funds

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

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