Question 1

FASB statement 116 requires contributions to be recorded as revenue when

Accepted Answer

A)  The contributed asset is actually received. 
B)  The contribution is likely to be received. 
C)  The contribution is unconditionally promised. 
D)  The contribution is probable and measurable. 
A)  The contributed asset is actually received. 
B)  The contribution is likely to be received. 
C)  The contribution is unconditionally promised. 
D)  The contribution is probable and measurable.

Question 2

Contributed services are recognized as revenue for a private not-for-profit when the service:

Accepted Answer

A)  Is related to administration and fund raising activities. 
B)  Requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation. 
C)  A and B are both required for the service to be recorded as revenue 
D)  None of the above, contributed services are not recorded as revenue 
A)  Is related to administration and fund raising activities. 
B)  Requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation. 
C)  A and B are both required for the service to be recorded as revenue 
D)  None of the above, contributed services are not recorded as revenue

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Present and potential donors are the primary users of private not-for-profit
financial statements.

Accepted Answer

A) True 
 B)False

FASB statement 116 requires contributions to be recorded as revenue when

Contributed services are recognized as revenue for a private not-for-profit when the service:

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

Present and potential donors are the primary users of private not-for-profit financial statements.

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, Interfund Transactions

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

Advanced Topics for State and Local Governments

College and University Accounting

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

FASB statement 116 requires contributions to be recorded as revenue when

Contributed services are recognized as revenue for a private not-for-profit when the service:

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

Present and potential donors are the primary users of private not-for-profit financial statements.

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, Interfund Transactions

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

Advanced Topics for State and Local Governments

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters