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POF > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What’s the purpose of accounting?

A

Recording, Reporting, and Managing

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2
Q

How do we release financial information to the public or an individual donor?

A

Get approval from DHQ

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3
Q

What are the five responsibilities of the CO as listed in the Corps Accounting Guide?

A
  • raising or securing adequate income to fund the Corps programs
  • safeguard all income received
  • Spending of all funds and resources must be done in conformity with the approved budget,
  • Accounting records must be up-to-date and accurate at all times
  • required reports to funding organizations and supervising headquarters can be submitted on a timely basis
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4
Q

How long do we maintain records?

A

Follow the retention manual

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5
Q

What is the accounting equation?

A

Assets = liability + fund balance

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6
Q

Difference between cash and accrual accounting?

A

Cash - what you have now.

accrual accounting - expenses are recorded when they are incurred; income is recorded when it is earned

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7
Q

Who is responsible for accounting?

A

The Corps Officer, Associate Officer, and the Assistant Officer

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8
Q

When is the fiscal year?

A

Oct 1 - Sept of the following year

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9
Q

What are board designated funds?

A

Programs that maintain their own funds

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10
Q

Examples of board designated funds…

A

women’s ministries, girl guards, explorers

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11
Q

Are board designated funds subject to support services?

A

Yes, with exceptions

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12
Q

Support Services - How much to you pay to DHQ?

A

10%

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13
Q

What income is exempt from support services?

A

world services
Gifts in Kind
DHQ grants
program service fee

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14
Q

What are the 5 types of donations?

A
  • Unrestricted
  • Restricted
  • Conduit contributions
  • Quid Pro Quo
  • Gifts in Kind
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15
Q

What are gifts in kind?

A

A gift that is not money but material

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16
Q

What are contributed services?

A

Donated service - volunteer

17
Q

What makes up world services income?

A

Harvest festival and self denial

18
Q

At what dollar amount are you mandated by government to provide a receipt/letter for a donation?

A

250+

19
Q

How many people should count money, especially cash?

A

2 with no relation to one another

20
Q

How often do we issue cartridge receipts/listings to our soldiers and attendees?

A

At least yearly

21
Q

How often do we make bank deposits?

A

at least once a week

22
Q

How do we withdraw funds from our corps account?

A

Check

23
Q

Can we use a statement as backup documentation?

A

No

24
Q

Are volunteers reimbursed for meals and travel expenses?

A

Yes

25
Q

Can we issue manual checks?

A

No

26
Q

What needs to be included on receipts for gasoline purchases?

A

Odometer reading, license plate number, initials, cost per gal, how many gallons pumped

27
Q

Who issues checks to employees?

A

DHQ

28
Q

Who files quarterly and annual payroll reports to government agencies?

A

DHQ

29
Q

Payroll- What is remitted to DHQ/Payroll Company?

A

All earned income and payroll taxes

30
Q

How does an officer receive reimbursement for dry cleaning, or child care expenses? Hint: the fund account

A

Household help

31
Q

What is petty cash?

A

a small amount of cash on hand for small purchases

32
Q

Who are petty cash reimbursement checks written?

A

Petty cash custodian

33
Q

What is bank reconciliation?

A

Reconciling your checkbook with your bank statements

34
Q

How often do you reconcile bank statements?

A

monthly

35
Q

What is the Power of Attorney for bank accounts?

A

legal document that states who can act on behalf of the salvation army locally

36
Q

Who authorizes bank accounts?

A

DHQ

37
Q

How many signatures are needed on bank documents?

A

2 - 1 has to be the corps officer

POF (1 decks)

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