Question 1

In not-for-profit accounting, an acquisition occurs when one not-for-profit organization obtains:

Accepted Answer

A)  Significant influence over another not-for-profit organization. 
B)  The direct ability to determine the direction of management of another not-for-profit organization. 
C)  The indirect ability to direct the policies of management of another not-for-profit organization. 
D)  Control over another not-for-profit organization. 
E)  None of the above. An acquisition can only occur for profit-oriented organizations. 
A)  Significant influence over another not-for-profit organization. 
B)  The direct ability to determine the direction of management of another not-for-profit organization. 
C)  The indirect ability to direct the policies of management of another not-for-profit organization. 
D)  Control over another not-for-profit organization. 
E)  None of the above. An acquisition can only occur for profit-oriented organizations.

Question 2

If the total acquisition value of an acquired not-for-profit organization is greater than the fair value of all identifiable net assets of the organization, and that organization's revenues are not earned by dues or other types of earned revenues, then the excess of acquisition value over identifiable net assets is immediately reported:

Accepted Answer

A)  As goodwill on the consolidated balance sheet. 
B)  As a pro-rata increase to the identifiable assets and liabilities acquired. 
C)  As a direct reduction in unrestricted net assets on the balance sheet. 
D)  As a reduction in unrestricted net assets on the statement of activities. 
E)  As an increase in other assets on the balance sheet. 
A)  As goodwill on the consolidated balance sheet. 
B)  As a pro-rata increase to the identifiable assets and liabilities acquired. 
C)  As a direct reduction in unrestricted net assets on the balance sheet. 
D)  As a reduction in unrestricted net assets on the statement of activities. 
E)  As an increase in other assets on the balance sheet.

Question 3

How does a recipient not-for-profit organization record the receipt of a gift that will be transferred without restriction to another charitable organization? What if the donor retains the right to revoke or redirect the gift?

Accepted Answer

If there are no restrictions, the recipi

Question 4

What is the main source of financial support for most voluntary health and welfare organizations?

Accepted Answer

Contributions (public support)

In not-for-profit accounting, an acquisition occurs when one not-for-profit organization obtains:

How does a recipient not-for-profit organization record the receipt of a gift that will be transferred without restriction to another charitable organization? What if the donor retains the right to revoke or redirect the gift?

What is the main source of financial support for most voluntary health and welfare organizations?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Intercompany Debt, Consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting for State and Local Governments

Accounting for Estates and Trusts

Filters

Exam 18: Accounting for Not-For-Profit Organizations

In not-for-profit accounting, an acquisition occurs when one not-for-profit organization obtains:

How does a recipient not-for-profit organization record the receipt of a gift that will be transferred without restriction to another charitable organization? What if the donor retains the right to revoke or redirect the gift?

What is the main source of financial support for most voluntary health and welfare organizations?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Intercompany Debt, Consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting for State and Local Governments

Accounting for Estates and Trusts

Filters