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FAR9 > Not-for-profit Organizations > Flashcards

Not-for-profit Organizations Flashcards

1
Q

Not-for-profits use ______ standards

A

FASB

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2
Q

Not-for-profits use the ____ _____ basis of accounting

A

full accrual

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3
Q

The overall emphasis for not-for-profit financial statements is on ______ information for the organization as a whole

A

basic

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4
Q

3 required financial statements for not-for-profits:

A

Statement of financial position, statement of activities, and statement of cash flows

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5
Q

Voluntary health and welfare organizations are required to submit a 4th statement which is;

A

statement of functional expenses

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6
Q

Net assets in the statement of financial position is synonymous with

A

equity

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7
Q

Three categories in net assets:

A

PUT

permanently restricted, unrestricted, temporarily restricted

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8
Q

Internal board designated funds are considered ___________

A

unrestricted

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9
Q

The statement of activities shows the changes in ______ net assets, ______ net assets, and ______ net assets

A

temporarily restricted, permanently restricted, unrestricted

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10
Q

Contributions with donor imposed restrictions are recorded as __________ revenue

A

restricted

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11
Q

When a donor restriction is satisfied, a _________ is reported on the statement of activities

A

reclassification

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12
Q

Expenses are recorded as decreases in ____________ net assets

A

unrestricted

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13
Q

two types of expenses:

A

program services & support services

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14
Q

Changes in net assets is similar to:

A

net income

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15
Q

In the statement of cash flows, certain restricted contributions may be recorded as _________ activities

A

financing

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16
Q

Revenues typically represent ______ transactions

A

exchange

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17
Q

Other support typically represents operating income that is _______

A

donated

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18
Q

Cash contributions should be recognized as revenues or gains when they are _________

A

received

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19
Q

Unconditional promises (pledges) is a contribution and is recorded as revenue at its fair value when the promise is ________

A

made

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20
Q

Conditional promises depend on an occurrence of a future and uncertain event so revenue is recognized when the conditions are _________ ____

A

substantially met

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21
Q

Multi-year pledges are recorded at NPV at the date the pledge is ________

A

made

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22
Q

The current portion of a multi year pledge is recognized as ___________ and the future amounts are recognized as ________ __________ revenue

A

revenue; temporarily restricted

23
Q

Conditional pledges are recorded as ______

A

liabilities

24
Q

Donated services should be recorded as __________ revenue and __________ at fair value

A

contribution; expensed

25
Q

Donated materials are recorded at ____________

A

fair value

26
Q

Unconditional promises to contribute in the future are reported as _____ _____ support

A

temporarily restricted

27
Q

JE to record unconditional promise

A

DR: pledge receivable - temporarily restricted
CR: Allowance for doubtful accounts
CR: Contributed revenue - temporarily restricted

28
Q

Consist of resources received by the not-for-profit over which the not-for-profit has little or no discretion or variance power

A

Agency transactions

29
Q

Gifts-in-kind (non-cash contributions) are measured at their ___________

A

fair value

30
Q

Reciprocal transfers in which each party receives and sacrifices something of approximately equal value are termed:

A

exchange transactions

31
Q

Amount transferred - fair value dues/purchase =

A

contribution revenue

32
Q

If there is no variance power, the NFP (acting as an agent) records a:

A

liability

33
Q

If the NFP (acting as an agent) is granted variance power, a ______ _______ is recorded

A

contribution revenue

34
Q

Gains and losses on investments are reported in the statement of activities as increases or decrease in _____ net assets

A

unrestricted

35
Q

A NFP should recognize the change in fair value of all derivatives in the period of _______

A

change

36
Q

Dividends, interest, and other investment income are reported in the period _____ as increases in _____ net assets

A

earned; unrestricted

37
Q

Fund accounting is only appropriate for _________ reporting of NFPs

A

internal

38
Q

In a permanent endowment, the _______ is not permitted to be spent

A

principal

39
Q

A term endowment must be held for a _______ ____

A

specified term

40
Q

Quasi-endowments are designations of _________ net assets and are determined by the internal governing board

A

unrestricted

41
Q

Student tuitions and fees for colleges are reported at their _______ amount

A

gross

42
Q

Gross revenue from tuition and fees =

A

assessed student tuition and fees - cancelled classes

43
Q

Scholarships and fellowships are reported as ________

A

expenses

44
Q

3 types of revenue from health care organizations:

A

patient service revenue; other operating revenue; non-operating revenue

45
Q

Patient service revenue is accounted for on a _____ basis

A

gross

46
Q

Charity care is _________ as a receivable or as revenue

A

not recorded

47
Q

Patient service revenue =

A

gross patient service revenue - charitable services

48
Q

Donated services are recorded under _______ ________ for health care organizations

A

non-operating revenue

49
Q

Voluntary health and welfare organizations depend upon _________________ from the general public to support the activities of the organization

A

contributions and pledges

50
Q

Donated property is recorded at its fair market value and is recognized as ________

A

support

51
Q

Grants to other organizations are recorded as ______

A

expenses

52
Q

_______ activities include proceeds from the sale of works of art or purchases of works of art

A

investing

53
Q

Cash contributions restricted by the donor for long-term purposes must be reported as a cash inflow in the ________ activities section of the statement of cash flows, segregated from other ________ activities.

A

financing (2)

FAR9 (2 decks)

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