FAR 6 Module 3

Question 1

When are Conditional contributions recognized?

What are the Specific _____?

Answer 1

An organization with right of return and right of release clauses but no measurable barriers does not impose a condition.

Question 2

When are Donated Services recognized?

JEs?

Answer 2

Question 3

NFP Revenue Recognition:

What are:
Cash Contributions
Muti-Year Pledges
Unconditional Promises (Pledges)
Conditional Promises (Pledges)

Answer 3

Question 4

How are expenses reported in NFP accounting?

With donor restrictions?
Without Donor restrictions?

Answer 4

In not-for-profit accounting, all expenses are reported as without donor restrictions, regardless of the source of funding.

Question 5

What does right of return and right of release mean?

Answer 5

Question 6

What is a refundable advance?

Answer 6

Question 7

What is the treatment of donated services in not-for-profit accounting?

Answer 7

Question 8

Which types of revenue are classified as other operating revenues and nonoperating revenues for a hospital?

Revenue from educational programs?

Gifts without donor restrictions?

Answer 8