F6

Question 1

what is described as a fundraising cost/expense?

Answer 1

expenses incurred to induce contributions

Question 1

what are the required financial statements for nongovernmental NFP companies?

Answer 1

statement of financial position, statement of activities, statement of cash flows

Question 2

What is the purpose of the statement of activities for nongovernmental NFP entities?

Answer 2

to demonstrate how the organization’s resources are used in providing various programs and services.

Question 3

Statement of financial position

Answer 3

same as balance sheet for commercial entity; assets, liabilities, net assets, & their relationships to one another at a moment in time

Question 4

Statement of activities

Answer 4

same as income statement for commercial entities; represents change in total net assets, change in total net asset w and w/o donor restrictions

Question 5

When should report a reclassification of net assets in its statement of activities?

Answer 5

when donor restrictions are satisfied or withdrawn, the funds are reclassified from assets with donor restrictions to without

Question 6

GRaSPP

Answer 6

Governmental Funds:
General fund
special Revenue fund
debt Service fund
Permanent fund
capital Projects fund

Question 7

MAC-GRaSPP

Answer 7

Modified
Accrual Accounting
Current financial resources measurement focus
GRasPP

Question 8

SE-CIPPOE

Answer 8

Proprietary Funds:
internal Service fund
Enterprise fund

Fiduciary Funds:
Custodial fund
Investment trust fund
Private purpose trust fund
Pension (and Other Employee benefit) fund

Question 9

SCARE

Answer 9

SE
CIPPOE
Accrual basis accounting
Record noncurrent assets and liabilities
Economic resources measurement focus