FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

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

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Essay

Review LaterAdd Note

Review Later

Answer the following questions regarding financial reporting by private not-for-profit organizations. (1)What are the financial statements required for all private not-for-profit organizations? (2)What organizations are required to present a Statement of Functional Expenses? (3)What are the three classes of Net Assets?

Correct Answer

verified

(1)The financial reports are (a)Statemen...

View Answer

Show Answer

Question 62

Multiple Choice

Review LaterAdd Note

Review Later

Lisa informed her church that she had named the church in her will and later provided a written copy of the will to the church.At what point should the church record the contribution?

A) At the time when the church was informed of her will.
B) At the time the church receives a written copy of the will.
C) At the date the probate court declares the will valid following her death.
D) At Lisa's death.

Correct Answer

verified

Show Answer

Question 63

Multiple Choice

Review LaterAdd Note

Which of the following would not be an example of a voluntary health and welfare organization?

Performing arts organizations are an example of other private not-for-profit organizations.

Assets that are restricted by an organization's board can be reported as either temporarily restricted or permanently restricted,according to the board's intentions.

A donor gave $ 1,000,000 to a private not-for-profit organization to be held in endowment. In addition,the governing board permanently designated $ 500,000 to the endowment. In the Statement of Financial Position,how should these amounts be classified?

A donor gave equipment valued at $60,000 at the beginning of 2015 to a private not-for-profit organization. The equipment had a 10-year life and depreciation of $6,000 was charged during 2015. At the end of the year,the net assets to be reported in unrestricted net assets related to this equipment would be:

Which of the following is not true regarding accounting and financial reporting for nongovernmental,not-for-profit organizations?

Which of the following is not an example of a donor imposed restriction?

After the issuing of Statement 117,not-for-profit financial statements are relatively standardized across industries.

The FASB requires private not-for-profit organizations to report individual assets and liabilities separated by unrestricted,temporarily restricted and permanently restricted.

The FASB requires private not-for-profit organizations to report expenses separated by unrestricted,temporarily restricted and permanently restricted.

What are the revenue recognition requirements for: (1)unconditional promises to give (i.e.pledges), (2)conditional promises to give, (3)multi-year pledges, (4)donated services,and (5)Donated materials or fixed assets.

In 2015,a major drug company agreed to give a not-for-profit private college $300,000 to perform testing of a new drug. An advance payment of $200,000 was received in 2015. The college was to receive $1,500 per individual test. In 2015,the college completed 100 tests. How much revenue should the college report for 2015?

A Statement of Functional Expenses is required for government-owned hospitals.

Which of the following is true of a Statement of Cash Flows for a private sector,private not-for-profit organization?

Which of the following is not a distinguishing characteristic of a private not-for-profit organization according to FASB Statement No.116?

A conditional pledge should be recognized as revenue when the pledge is made.

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

Care Foundation is a voluntary health and welfare organization funded by contributions from the general public.Care sold equipment for $30,000 which cost $40,000 and had a book value of $25,000 at the time of sale.In recording the sale,Care should: