F6M1

Question 1

What authority has the primary responsibility of providing guidance on generally accepted accounting principles for not-for-profit entities?

Answer 1

FASB

Question 2

Which of the following are the three basic financial statements for not-for-profit entities?

Answer 2

Statement of Financial Position, Statement of Activities, Statement of Cash Flows

Question 3

A pledge with a time restriction is a ….

Answer 3

revenue with donor restriction

Question 4

program expenses

Answer 4

relate to the mission of the organization

Question 5

support expenses

Answer 5

relate to the organization’s administrative, membership development, and fundraising expenses