F9 - Not-for-Profit Organizations Flashcards
Cash contributions and unconditional pledges are recognized as contribution revenue:
In the year in which the cash or pledge is received.
Not-for-profit corporations are required to produce the following statements:
Statement of Financial Position
Statement of Activities
Statement of Cash Flows
Restricted donations are released from restriction
when conditions or eligibility requirements have been satisfied.
Donated property to a not-for-profit organization, is recorded at:
Its fair market value, and is recognized as support.
Exchange transactions are:
Reciprocal transfers in which each party receives and sacrifices something of approximately equal value
Proceeds from the sale of long lived assets or insurance proceeds associated with the loss of long lived assets should be included in:
Investing activities in the statement of cash flows.
A not-for-profit organization needs to report its expenses in the statement of activities by their:
Functional classification (program classification, supporting activities, fund-raising, etc). This method helps donors and others in assessing an organization’s service efforts.
The net assets balance of a not-for-profit equals
Assets minus liabilities (including deferred revenues).