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CPA Far > Non Profit Overview > Flashcards

Non Profit Overview Flashcards

1
Q

Conditional pledges

A

No revenue recognized

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2
Q

Restricted contributions & unconditional pledges

A

Revenue with donor restrictions

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3
Q

Unrestricted contributions

A

Revenue without donor restrictions

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4
Q

A pledge of a 125,000 gift should be recognized only if

A

The pledge is viewed as an unconditional gift

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5
Q

What type of agreement represents a split interest

A

A charitable remainder trust

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6
Q

Endowments are on the

A

Statement of activities

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7
Q

Quasi endowment

A

Money set aside by board

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8
Q

Term endowment

A

Principal spent after certain amount of time

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9
Q

Board designated endowment

A

Principal spent a certain time

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10
Q

What is deducted from gross patient revenue

A

Discounts, adjusted contracts, implicit concession

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11
Q

What is deducted from gross tuition revenue

A

Scholarships, uncollectibles

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12
Q

If there is variance power or financially relation

A

Revenue

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13
Q

If there is neither variance power or financial relation

A

Liability

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14
Q

Unconditional

A

Revenues when made

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15
Q

Conditional

A

Revenues after actions happen

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16
Q

Main example of not for profits
HCO

A

Hospitals, colleges, other (frats, unions)

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17
Q

Contribution revenue formula

A

Fair value amount recieved - fv of resource gave up

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18
Q

A contribution in decemebwr year 1 restricted for use till March year 2 is reported as

A

Income in year 1

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19
Q

A pledge of 100 to be used for companies addition ; will not recieved for 3 years

A

Donor restricted revenue at present value of 100

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20
Q

The amount expected to be collected of a pledge amount is

A

Accrued as a pledge receivable and recorded as contribution revenue in period pledged

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21
Q

If collection of a pledge will be more than one year it should be

A

Reported using present value

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22
Q

If there is a donor imposed condition, revenue is not

A

Recognized until conditions are satisfied

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23
Q

Statement of financial position is similar to

A

Balance sheet

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24
Q

Assets - liabilities =

A

Residual interests

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25
Q

Net assets without donor restrictions are

A

Available for general use

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26
Q

Assets set aside by board since true true restrictions must be external

A

Net assets without donor restrictions

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27
Q

Net assets w donor restrictions can be classified as

A

Temporary or permanent

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28
Q

The two types of temporary restrictions

A

Purpose & time

29
Q

Equity section on balance sheet is replaced by

A

Net assets

30
Q

Statement of activities is similar to

A

Income statement

31
Q

Appropriate characterization of net assets is

A

Residual interest

32
Q

Not for profits are what kind of accounting

33
Q

Financial statements are on a

A

Economic resource measurement focus

34
Q

Contributions restricted for long term purposes are in what section

35
Q

Unrestricted contributions are in what section

36
Q

Contributions subject to temporary restrictions are under

37
Q

Operating inflows (UER)

A

Unrestricted contributions, exchange revenue, revenue restricted to operating

38
Q

Operating Outflows (EG)

A

Expenses paid, grants

39
Q

Investing inflows

A

Proceeds from sales of assets or art

40
Q

Investing outflows

A

Payment of asset purchases

41
Q

Financing has

A

Two subsections

42
Q

One of the two financing subsections are

A

Proceeds from contributions with long term donor restrictions

43
Q

The second subsection in financing is

A

Other financing activities such as proceeds from principal payments on long term debt

44
Q

Unrestricted cash contributions is a

A

Operating inflow

45
Q

Cash contributions restricted by donor for property is a

A

Financing inflow

46
Q

Cash expenditures to acquire property via donation is a

A

Investing outflow

47
Q

Contribution for construction a new building is under

48
Q

Donor restricted cash contributions for long term purposes

A

Financing inflow

49
Q

Cost of a dorm for a private university

50
Q

Operating sections starts with

A

Total change in net assets

51
Q

Main things in notes of NFP (SDFE)

A

Statement of functional expenses
Donated works of art not recognized
Financial liquidity & flexibility
Endowment details

52
Q

What to report about endowments in notes (NIU)

A

Net asset classification and changes
Investing & spending policies
Underwater

53
Q

Underwater endowment is when

A

FV at reporting date is less than the original value or amount required to be maintained

54
Q

4 sections to statement of activities (RNEC)

A

Revenues & gains
Net assets released from restrictions
Expenses
Change in net assets

55
Q

Property & investments reported at

A

Fair value

56
Q

Professional services included only if

A

Would have paid for them

57
Q

Revenues and gains are separated into

A

Cash & other financial assets
Non financial assets

58
Q

Net assets released does what

A

Reclassifies “with restrictions” to without

59
Q

Expenses only reported in

A

Without donor restrictions column

60
Q

NPO are to recognize

A

Depreciation

61
Q

Change in net assets is similar to

A

Net income ; on bottom line

62
Q

Change in net assets closed to

A

Net asset balances on statements of financial position

63
Q

Revenues & expenses are reported at ; secondary activities

A

Gross amounts ; net amounts

64
Q

Two categories in statement of functional expenses

A

Program & supporting

65
Q

Program activities are

A

Directly related to program (training, research, emergency relief, education)

66
Q

Supporting activitied are

A

Secondary (management and general such as marketing, taxes, fundraising)

67
Q

NFP depreciable assets include

A

Buildings, machines, computers, furniture

68
Q

Supporting activies (CFR)

A

Conducting memberships, fundraising, record keeping & budgeting

CPA Far (19 decks)

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