Question 1

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

Accepted Answer

A)   Political parties.
B)   Voluntary health and welfare organizations.
C)   City libraries.
D)   Private foundations.E) A) and B)
F) B) and D)

Question 2

What are the financial statements required for all nongovernmental,not-for-profit organizations?

Accepted Answer

A)   Statement of Financial Position, Statement of Activities, Statement of Cash Flows, Statement of Functional Expenses.
B)   Statement of Financial Position, Statement of Activities, Statement of Functional Expenses.
C)   Statement of Financial Position, Statement of Net Assets, Statement of Functional Expenses.
D)   Statement of Financial Position, Statement of Activities, Statement of Cash Flows.E) A) and B)
F) C) and D)

Question 3

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Accepted Answer

A)   Assigned, Committed, and Unrestricted.
B)   Net investment in capital assets, Restricted, and Unrestricted.
C)   Partially Restricted, Temporarily Restricted, Unrestricted.
D)   None of the above.E) B) and C)
F) None of the above

Question 6

Which of the following contributed services would probably not be recognized as contribution revenue?

Accepted Answer

A)   An attorney donates her services to defend the Girl Scouts in a lawsuit.
B)   A nurse donates her time to collect blood at an American Red Cross blood drive
C)   An electrician donates his services to upgrade the electrical service at a mental health clinic.
D)   State CPA society members hand out informational booklets at a shopping mall.E) None of the above
F) A) and B)

Question 7

Which of the following factors,if present,would indicate that a transaction is not a contribution?

Accepted Answer

A)   The resource provider received value in exchange.
B)   The resource provider entered into the transaction voluntarily.
C)   The transfer of assets was unconditional.
D)   The organization has discretion in the use of the assets received.E) None of the above
F) A) and C)

Question 8

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Accepted Answer

A) True 
 B)False

Question 9

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Accepted Answer

A) True 
 B)False

Question 10

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

Accepted Answer

A) True 
 B)False

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

Which of the following contributed services would probably not be recognized as contribution revenue?

Correct Answer
verified

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

Correct Answer
verified

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Correct Answer
verified

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Correct Answer
verified

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Correct Answer
verified

Which of the following factors,if present,would indicate that a transaction is not a contribution?

Correct Answer
verified

What are the financial statements required for all nongovernmental,not-for-profit organizations?

Correct Answer
verified

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

Correct Answer
verified

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Correct Answer
verified

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

Correct Answer
verified

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

Which of the following contributed services would probably not be recognized as contribution revenue?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Correct AnswerverifiedShow Answer

Contributions of assets other than cash to a private not-for-profit are recorded at the donor's basis

Correct AnswerverifiedShow Answer

Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?

Correct AnswerverifiedShow Answer

Which of the following factors,if present,would indicate that a transaction is not a contribution?

Correct AnswerverifiedShow Answer

What are the financial statements required for all nongovernmental,not-for-profit organizations?

Correct AnswerverifiedShow Answer

Which of the following organizations does not follow the AICPA's Not-for-Profit Guide?

Correct AnswerverifiedShow Answer

FASB statement 116 requires unconditional pledges of support to be recorded as revenue when the contribution is promised.

Correct AnswerverifiedShow Answer

If fixed assets are recorded as temporarily restricted assets,then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted,whichever is shorter.

Correct AnswerverifiedShow Answer

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