Exam 18: Accounting for Not-For-Profit Entities

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? DEBIT CREDIT

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

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

Which of the following statements is required for voluntary health and welfare entities, but not for other not-for-profit entities?

What financial statements would normally be prepared by a voluntary health and welfare entity?

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?

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

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:

Record the journal entries that reflect all of this information.

Which entry would be the correct entry on the not-for-profit entity's books to record a donor's gift when the money is simply passing through the not-for-profit entity, it creates no direct benefit, and control of the assets has been relinquished by the donor? DEBIT CREDIT

Unconditional promises to transfer cash or other resources to an entity in a voluntary nonreciprocal transaction is the GAAP definition of

Give several examples, by name, of specific not-for-profit entities that are voluntary health and welfare entities.