FAR 6 Module 1 Flashcards
What are the Characteristics of NFPs?
What are the NFP Basics?
What are the NFP’s Financial Statements?
What are the following:
Statement of Financial Position (NFP)
Statement of Activities (NFP)
What is statement of activities most similar to with for-profit entity
Statement of Financial Position: Shows assets, liabilities, and net assets at a specific point in time.
Statement of activities: To demonstrate how the organization’s resources are used for programs and services.
most similar to Income statement
What are the Contributions Basics?
What are the Needs of NFP Users?
What expense classifications are required for not-for-profit organizations?
What would the NFP non current assets be for financial position?
Current assets:
Grant receivable
Note: Only partial prepaid
90k will not be satisfied until year beyond next fiscal year
How should a nongovernmental not-for-profit organization record grant revenues from cost reimbursement agreements?
Donor restrictions met in the same period can be recorded as support without restrictions, if disclosed and consistently applied.
What is the difference between an endowment in perpetuity and a quasi-endowment?
What is a Functional Expense Category in a Nonprofit Organization (NFP)?
Most common Functional classifications
Program services
Fund raising
Management and General
What is Statement of financial position and Statement of activities equivalent to with For profit?
Statement of financial position: Balance sheet
Statement of activities: Income statement
