811917
Descrição
Quiz por turquoise_cat, atualizado more than 1 year ago
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Criado por turquoise_cat
aproximadamente 10 anos atrás
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Questão 1
Questão
Which of the following contributions would not have to be reported as an asset on the statement of financial position of a not-for-profit organization?
Responda
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Land was donated to the Friends of the Forest Society for conversion into a nature trail.
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The original courthouse was donated to the Historical Preservation Society that is converting the courthouse to a museum.
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An art collector donated a famous oil painting to a local nongovernmental art museum for display in its exhibit hall.
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A valuable coin collection was donated to the Youth for Conservation organization, which the organization plans to sell at current market prices.
Questão 2
Questão
Which of the following organizations would be covered by the AICPA Audit and Accounting Guide Not-for-Profit Organizations?
Responda
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Political parties.
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Employee benefit and pension plans.
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Proprietary hospitals.
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Farm cooperatives.
Questão 3
Questão
Accounting standards for NPOs require
Responda
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Accrual accounting.
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Modified accrual accounting.
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Fund accounting.
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Capitalization of collections.
Questão 4
Questão
Securities donated to an NPO should be recorded at the
Responda
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Donor's recorded amount.
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Fair market value at the date of the gift, or the donor's recorded amount, whichever is lower.
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Fair market value at the date of the gift, or the donor's recorded amount, whichever is higher.
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Fair market value at the date of the gift.
Questão 5
Questão
Which of the following would be considered "contribution revenue or support" of an NPO?
Responda
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Gain on disposal of capital assets.
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Contributions received from a fund-raising campaign.
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Rent earned from rental of surplus office space.
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Investment earnings.
Questão 6
Questão
An NPO incurred $10,000 in management and general expenses in the current fiscal year. In the organization's statement of activities prepared in conformity with FASB standards, the $10,000 would be reported as
Responda
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A deduction from program revenue.
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A reduction of permanently restricted assets.
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Program services expenses.
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Supporting services expenses.
Questão 7
Questão
Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
Responda
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Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of an NPO.
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Special events must be reported net of related direct costs, even if they are of a peripheral or incidental nature.
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All special events may be reported net of related direct costs.
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Expenses of promoting and conducting special events should be netted directly against special events revenue.
Questão 8
Questão
A local philanthropist pledged to make a donation of $100,000 to an NPO to be paid in five equal installments of $20,000 beginning in the next fiscal year. Under FASB standards the pledge would be recognized as
Responda
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Support of $20,000 in each of the following five years.
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Support of $20,000 in the year the pledge was made and $80,000 as deferred support.
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Deferred support of $100,000 in the year the pledge was made.
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Support of $100,000 in the year the pledge was made, discounted at an appropriate rate for future receipts.
Questão 9
Questão
Temporarily restricted net assets are released from restrictions
Responda
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At the end of each fiscal year.
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As assets are spent for the purposes intended by the donor.
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When funds are returned to the donor.
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When they are converted to permanently restricted net assets.
Questão 10
Questão
A good reason for an NPO to adopt fund accounting even though FASB standards do not require it is that
Responda
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The NPO provides more than one type of program service.
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The NPO's capital assets are significant.
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Restrictions have been placed on the use of certain of its assets by donors.
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The NPO's donated services are significant.
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