F6 - Deck 1

Question 1

When are restricted donations released?

Answer 1

When eligibility requirements have been satisfied.

Question 2

What is FASB ASC 958, FS of NFP Org’s?

Answer 2

Basic information for the organization as a whole

Question 3

What are the 3 FS of a NFP?

Answer 3

Statement of financial position
statement of activities
statement of cash flows

Question 4

All of these items will appear in what section of the cashflow for NFP?
applicable agency transactions, cash contributions without donor restrictions, program income, and interest income or dividend income from investments.

Answer 4

Operating activities.

Question 5

Where will this item below appear in the NFP cashflow?
Cash received with donor-imposed restriction limiting its use to long-term purposes (such as construction of a new building). Proceeds from long-term investment.

Answer 5

Financing activities.

Question 6

Where will this item below appear in the NFP cashflow?
proceeds from the sale of works of art or purchases of works of art

Answer 6

Investing activities

Question 7

What amount is classified as a contribution in a NFP donation?

Answer 7

difference between FV of purchases and the total contribution amount (amount transferred) is classified as a contribution.

Question 8

When are cash and unconditional pledges recognized?
- Same year
- Once used/spent
- When needed

Answer 8

Same year.

Cash contributions and unconditional pledges are recognized as contribution revenue in the year in which the cash or pledge is received.

Question 9

For NFP, contributed services are outlined by SOME. What does S.O.M.E. stand for?

Answer 9

S - specialized
O - otherwise needed
M - Measured E- Easily

Question 10

List each governmental funds:
GRSPP

Answer 10

General
Special Revenue
Debt Service
Capital Projects
Permanent