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Assessing fiscal accountability
Assessing management stewardship and performance
Assessing budget to actual performance for the period
All of the above are objectives
Statement of financial position
Statement of cash flows
Statement of functional expenses
All of the above are required
Written authorization of the organization's board of directors
Approval of the independent auditor
Satisfaction of purpose restrictions
Advice of legal counsel
A financing activity
A capital and related financing activity
An investing activity
An operating activity
Record a debit to Contributions Receivable -- Temporarily Restricted in the amount of $1,000,000
Record a debit to Contributions Receivable -- Temporarily Restricted in the amount of $500,000
Not make a journal entry until the conditions of the agreement have been met
Either A or C are permissible, depending on the museum's established policy
A supporting services expense
Neither A or B are correct
Both A and B are correct
Special event revenue of $4,800 and special event expense of $1,500
Special event revenue of $4,800 and fund-raising expense of $1,300
Special event revenue of $2,300 and fund-raising expense of $1,300
Both A and B are correct
Purpose, mission-related, and benefit to the public
Purpose, audience, and content
Purpose, expand donor base, and content
Reasonable, improve financial condition, and benefit to the public
The cost of printing the annual report
The cost of a mailing to past contributors requesting donations for lakeshore cleanup
The cost of the annual lakeshore cleanup activities
Neither A nor C are considered support expenses
The organization has variance power
The organization elects to consistently report such donor gifts as contribution revenue
The beneficiary organization requests a delay in receiving the contribution from the intermediary organization
All of the above are correct
Contributions by resource providers who do not expect a return on investment.
Ability to impose taxes on citizens.
Absence of ownership interests.
All of the above characteristics are generally different for nongovernmental versus governmental NFPs.
It would debit Pledges Receivable and credit Contributions—Temporarily Restricted.
It would debit Pledges Receivable and credit Deferred Contributions.
It would disclose the amount of the conditional pledge in the notes to the financial statements.
It would not recognize the conditional pledge until pledge conditions are substantially met.
Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses.
Statement of financial position, statement of operations, statement of cash flows, and statement of functional expenses.
Statement of financial position, statement of activities, and statement of cash flows.
Statement of financial position, statement of revenues and expenses, statement of cash flows, and statement of functional expenses.
The service creates or enhances nonfinancial assets, such as a carpenter renovating a building.
The service requires a specialized skill and is provided by someone who possesses the specialized skill, such as a lawyer preparing contracts.
The service supplements the management function, such as an auditor preparing a program audit, which is not normally done
All of the above must be met for contributed services to be recognized as a contribution and an expense.
Lower of cost or market
An unconditional promise to give.
A restricted gift.
An allocation of funds from the local United Way organization.
Capital and related financing activity.
Statement of activities.
Statement of financial position.
Statement of cash flows.
Statement of functional expenses.
Reported in the net asset section of the balance sheet.
Reported according to whether the gains relate to trading, available-for-sale, or held-to-maturity assets.
Reported on the statement of activities.
Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of a nonprofit organization.
Special events revenues are to be reported at goss amounts, even if direct costs are of a peripheral or incidental nature.
With few exceptions, special events revenues are reported net of related direct costs.
Expenses of promoting and conducting special events should be netted directly against special events revenue.