NotForProfit

Question 1

ASNPO
Accounting Policies
Financial Statements

Answer 1

1 IFRS ASPE ASNPO(ASPE)
2 Fund Balance(Net Asset)
Funding Accounting
-self balancing
-general , restricted, capital asset, endowment
Types of Contributions
-Unrestricted contribution
Recognized in revenue
1 the amount can be reasonably estimated
2 ultimate collection is reasonably assured
-Restricted contribution

Question 2

Deferral method

Recognition
1 Unrestricted contribution
2 Restricted contribution- current period expense
3 -future period expense
4 depreciable capital asset contribution
5 non depreciable capital asset contribution
6 Endowment contribution

Answer 2

1 & 2 recognize as revenue
3 Defer and recognize revenue when expense incurred
4 Defer and recognize over useful
Life and asset
5 & 6 recognize as a direct increase in net assets

Question 3

Recognition of donated goods and services

Answer 3

Recognized if
1 fair value can be reasonably estimated
2 are used in the normal course of operations and would have been purchased otherwise

Question 4

Capital Asset $500,000 threshold

Tangible assset

Answer 4

< 500,000
Directly expensing costs
Capitalizing and not amortizing
Capitalizing and amortizing (even for >$500,000)

Question 5

Restricted method

1 unrestricted contribution 
2 restricted contribution- separate fund
3 restricted contribution-not separate fund
4 capital asset
5 endowment

Answer 5

1 contribution revenue(general fund)
2 (specify fund)
3 deferred contribution -2
4 capital asset fund
4 endowment fund

Question 6

4400. 2
4401. 9
4402. 29
4403. 10
4404. 02
4405. 47
4406. 16
4407. 17
4408. 18
4409. 60
4410. 70
4411. 03
4412. 11

Answer 6

4400.02-fund accounting self balancing
4400.09-separate fund accounting
4400.29-endowment fund balance- restricted method
4410 revenue recognition
02-restricted method
10-deferred method
16-donated for contributed material service
17-addition for contributed material service
18-addition for contributed material service
47-unrestricted
60-endowment
70-investment income
4433 tangible
3-
4434.11-intangible