Ch. 13 - Acct 365

20 Questions  I  By R_man
Ch. 13 - ACCT 365
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1.  The FASB's objectives of financial reporting for not-for-profit organizations include(s) which of the following?
A.
B.
C.
D.
2.  Voluntary health and welfare organizations are required to present which of the following financial statements?
A.
B.
C.
D.
3.  Temporarily restricted net assets may be released from restriction by:
A.
B.
C.
D.
4.  In a local NFP elementary school's statement of cash flows, a contribution restricted for use on new building project would be reported as:
A.
B.
C.
D.
5.  A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing a signed agreement with the donor, the museum should:
A.
B.
C.
D.
6.  Bro Stewart, a local CPA, volunteered his time to develop a new computerized accounting system for an after-school development program for disadvantaged children. If Bro had not volunteered his time, it would have been necessary for the organization to hire an accountant for this project. The value of Bro's time to this project should be recorded as:
A.
B.
C.
D.
7.  The Antioch Cultural Center recently conducted a successful talent show in which local talent performed for a nominal prize. The talent show is an ongoing major event and is central to the center's mission. The event raised $4,800 in gross revenue. Expenses related to the event included $1,000 to rent an auditorium, $1,200 to advertise the event, $500 for trophies and other awards for the winner and runners up, and $100 for printing and mailing tickets. The center believes there was no monetary value received by donors (attendees). To report this event in its statement of activities, the center will report:
A.
B.
C.
D.
8.  Many not-for-profit organizations attempt to classify fund-raising expenses as program services expenses by making the activities look educational in nature or advocating for the mission of the organization. For such expenses to be reported as program services, they must meet which of the following three criteria:
A.
B.
C.
D.
9.  Which of the following would not be considered a support expense by the NFP organization Save Our Lakes?
A.
B.
C.
D.
10.  A particular organization functions as an intermediary between donors and other beneficiary organizations. The intermediary organization must report contribution revenue from donors if:
A.
B.
C.
D.
11.  Which of the following characteristics of not-for-profit organizations (NFPs) can be used to distinguish a nongovernmental from a governmental NFP? 
A.
B.
C.
D.
12.  Under FASB standards how would a not-for-profit organization recognize a conditional pledge?
A.
B.
C.
D.
13.  The FASB Codification requires the following financial statements for all nongovernmental, not-for- profit organizations:
A.
B.
C.
D.
14.  Which of the following is a condition that must be met for contributed services to a not-for-profit organization (NFP) to be recorded as both a contribution and as an expense?
A.
B.
C.
D.
15.  Investments in equity securities that have a readily determinable market value and all debt securities of a not-for-profit organization are reported at: 
A.
B.
C.
D.
16.  An example of an increase in net assets for a not-for-profit organization that would be labeled revenue rather than support is:
A.
B.
C.
D.
17.  A donor provides a large cash contribution that is to be used for acquisition of a new building. Under FASB standards, how would this contribution be reported by a not-for-profit organization on its statement of cash flows?
A.
B.
C.
D.
18.  A not-for-profit organization that follows FASB standards must display the changes in all classes of net assets on the:
A.
B.
C.
D.
19.   Unrealized gains on the investment portfolio of a nongovernmental not-for-profit organization are:
A.
B.
C.
D.
20.  Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
A.
B.
C.
D.
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