Quiz
Accounting for Not-for-Profit Organizations
Perguntas do quiz (10)
1Which 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?
- ALand was donated to the Friends of the Forest Society for conversion into a nature trail.
- BThe original courthouse was donated to the Historical Preservation Society that is converting the courthouse to a museum.
- CAn art collector donated a famous oil painting to a local nongovernmental art museum for display in its exhibit hall.
- DA valuable coin collection was donated to the Youth for Conservation organization, which the organization plans to sell at current market prices.
2Which of the following organizations would be covered by the AICPA Audit and Accounting Guide Not-for-Profit Organizations?
- APolitical parties.
- BEmployee benefit and pension plans.
- CProprietary hospitals.
- DFarm cooperatives.
3Accounting standards for NPOs require
- AAccrual accounting.
- BModified accrual accounting.
- CFund accounting.
- DCapitalization of collections.
4Securities donated to an NPO should be recorded at the
- ADonor's recorded amount.
- BFair market value at the date of the gift, or the donor's recorded amount, whichever is lower.
- CFair market value at the date of the gift, or the donor's recorded amount, whichever is higher.
- DFair market value at the date of the gift.
5Which of the following would be considered "contribution revenue or support" of an NPO?
- AGain on disposal of capital assets.
- BContributions received from a fund-raising campaign.
- CRent earned from rental of surplus office space.
- DInvestment earnings.
6An 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
- AA deduction from program revenue.
- BA reduction of permanently restricted assets.
- CProgram services expenses.
- DSupporting services expenses.
7Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
- ASpecial events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of an NPO.
- BSpecial events must be reported net of related direct costs, even if they are of a peripheral or incidental nature.
- CAll special events may be reported net of related direct costs.
- DExpenses of promoting and conducting special events should be netted directly against special events revenue.
8A 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
- ASupport of $20,000 in each of the following five years.
- BSupport of $20,000 in the year the pledge was made and $80,000 as deferred support.
- CDeferred support of $100,000 in the year the pledge was made.
- DSupport of $100,000 in the year the pledge was made, discounted at an appropriate rate for future receipts.
9Temporarily restricted net assets are released from restrictions
- AAt the end of each fiscal year.
- BAs assets are spent for the purposes intended by the donor.
- CWhen funds are returned to the donor.
- DWhen they are converted to permanently restricted net assets.
10A good reason for an NPO to adopt fund accounting even though FASB standards do not require it is that
- AThe NPO provides more than one type of program service.
- BThe NPO's capital assets are significant.
- CRestrictions have been placed on the use of certain of its assets by donors.
- DThe NPO's donated services are significant.
Informações
- Descrição
- Chapter 13
- Autor
- turquoise_cat
- Idioma
- English
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