Not-For-Profit Accounting Flashcards
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Started on 8 September 2014 @6.25 PM
Total questions 83
To do at a time
Practice session 97 or so
Cash inflows which are permanently invested is
financing activity.
Term endowments last for a specific number of years. Regular endowments last indefinitely.
Term endowments last for a specific number of years. Regular endowments last indefinitely.
Grants to other organizations are considered.
expenses.
Term endowments last for and Regular endowments last.
specific number of years. indefinitely.
Cash inflows which are permanently invested are .
financing activities.
Private, not-for-profit hospital. Private, not-for-profit college. Should report cash flows.
Accounting standards require all nongovernmental entities to report a statement of cash flows.
A statement of financial position, which reports unrestricted, temporarily restricted, and permanently restricted net assets, is required for which one of the following organizations?
I. A public university.
II. A private, for-profit hospital.
SFAS 117 requires a statement of financial position for nongovernmental, not-for-profit organizations which report net assets according to whether the net assets are unrestricted, temporarily restricted, or permanently restricted. Neither the public university nor the private for-profit hospital is under SFAS 117; and, therefore, they are not required to report their net assets in the manner prescribed above.
What are the basic financial statements for a hospital?
balance sheet, a statement of operations, a statement of changes in net assets, a cash flow statement, and notes to the financial statements. The statement of operations may be combined with the changes in net assets, or may be presented separately.
A statement of financial position, which reports unrestricted, temporarily restricted, and permanently restricted net assets, is required for which one of the following organizations?
A public university.
II. A private, not-for-profit hospital.
What are three financial statements are required for nongovernmental, not-for-profit organizations,
(1) Statement of Financial Position, (2) Statement of Activities, and (3) Statement of Cash Flows.
Voluntary health and welfare organizations are required to prepare a fourth statement what is that?
Statement of Functional Expenses.
Where cash flows related to revenues and expenses which are unrestricted should be reported ?
in the operating activities section
A statement of functional expenses is required for which private nonprofit organizations?
Voluntary health and welfare organizations.
