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

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Question 61

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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.

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Question 62

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

A) A state community college.
B) A private mental health facility.
C) A senior citizen center.
D) A food bank.

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Question 63

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

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?

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

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

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

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:

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

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?

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

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:

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.

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

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

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

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.

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 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?

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