Question 1

Which of the following financial statements is not required to be prepared by not-for-profit organizations?

Accepted Answer

A) statement of financial position 
B) statement of donations and contributions received 
C) statement of cash flows 
D) statement of activities 
A) statement of financial position 
B) statement of donations and contributions received 
C) statement of cash flows 
D) statement of activities

Question 2

Which of the following best describes standards for reporting expenses by function (such as instruction and research)or by natural classification (such as salaries and supplies)in the statement of activities prepared by colleges and universities?

Accepted Answer

A) all expenses must be reported by function on the face of the statement. 
B) all expenses must be reported by natural classification on the face of the statement. 
C) they may report by either method on the face of the statements;if they report by natural classification on the face,they must report functional expenses in the notes. 
D) colleges and universities may report by either method on the face of the statement. 
A) all expenses must be reported by function on the face of the statement. 
B) all expenses must be reported by natural classification on the face of the statement. 
C) they may report by either method on the face of the statements;if they report by natural classification on the face,they must report functional expenses in the notes. 
D) colleges and universities may report by either method on the face of the statement.

Question 3

A not-for-profit arts organization receives a $300,000 gift from a donor who specifies that the gift must be maintained in perpetuity,and the income from the gift is to be used only to take disabled persons to the theater.The entity derives $20,000 from investing the gift,but has not spent it by year-end.How should the entity report the $20,000 of resources in the net asset section of its statement of financial position?

Accepted Answer

A) as unrestricted 
B) as temporarily restricted 
C) as permanently restricted 
D) as permanently restricted,with a note describing how the resources will be used 
A) as unrestricted 
B) as temporarily restricted 
C) as permanently restricted 
D) as permanently restricted,with a note describing how the resources will be used

Which of the following financial statements is not required to be prepared by not-for-profit organizations?

Which of the following best describes standards for reporting expenses by function (such as instruction and research)or by natural classification (such as salaries and supplies)in the statement of activities prepared by colleges and universities?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

Budgetary Considerations in Governmental Accounting

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Accounting Cycle

The Governmental Fund Accounting Cycle--Fiduciary Funds

Reporting Principles and Preparation of Fund Financial Statements

Government-Wide Financial Statements

Federal Government Accounting and Reporting

Accounting for Health Care Organizations

Analysis of Financial Statements and Financial Condition

Fundamentals of Accounting

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Exam 12: Accounting for Not-For-Profit Organizations

Which of the following financial statements is not required to be prepared by not-for-profit organizations?

Which of the following best describes standards for reporting expenses by function (such as instruction and research)or by natural classification (such as salaries and supplies)in the statement of activities prepared by colleges and universities?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

Budgetary Considerations in Governmental Accounting

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Accounting Cycle

The Governmental Fund Accounting Cycle--Fiduciary Funds

Reporting Principles and Preparation of Fund Financial Statements

Government-Wide Financial Statements

Federal Government Accounting and Reporting

Accounting for Health Care Organizations

Analysis of Financial Statements and Financial Condition

Fundamentals of Accounting

Filters