F9 - Not-for-Profit Organizations Flashcards

1
Q

Cash contributions and unconditional pledges are recognized as contribution revenue:

A

In the year in which the cash or pledge is received.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Not-for-profit corporations are required to produce the following statements:

A

Statement of Financial Position
Statement of Activities
Statement of Cash Flows

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Restricted donations are released from restriction

A

when conditions or eligibility requirements have been satisfied.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Donated property to a not-for-profit organization, is recorded at:

A

Its fair market value, and is recognized as support.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Exchange transactions are:

A

Reciprocal transfers in which each party receives and sacrifices something of approximately equal value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Proceeds from the sale of long lived assets or insurance proceeds associated with the loss of long lived assets should be included in:

A

Investing activities in the statement of cash flows.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A not-for-profit organization needs to report its expenses in the statement of activities by their:

A

Functional classification (program classification, supporting activities, fund-raising, etc). This method helps donors and others in assessing an organization’s service efforts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The net assets balance of a not-for-profit equals

A

Assets minus liabilities (including deferred revenues).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly