non for profit

Question 1

Contribution revenues and assets or expenses should be reported for donated services if:

Answer 1

special skills are required to perform the service,
the individual providing the service has those special skills, and
the organization would have to buy the services if they were not donated.

Question 2

Which of the following would be reported in the income statement of a proprietorship?

Answer 2

Depreciation

Question 3

At what amount should trading, available-for-sale, and held-to-maturity debt securities be reported on the balance sheet, respectively?

Answer 3

Fair value, fair value, amortized cost

Question 4

An entity having which of the following characteristics may not be a governmental organization?

Answer 4

Exempt from federal taxation (non profit, goverment)

Question 5

Major fund reporting requirements do not apply to internal service funds

Answer 5

Therefore, they are usually combined for financial reporting and presented individually with combining statements.

Question 6

statement of activities of NFP organization

Answer 6

to report the change in net assets for the period.