Exam 26: Not-For-Profit Organizations: Introduction and Private Npos

For each category of net assets, the statement of activities must show for the nonprofit organization as a whole the amount of ______________________________.

Under FAS 117, private nonprofit organizations (NPOs) must issue financial statements that focus on the nonprofit organization as a(n) ____________________.

A(n) _______________________ promise to give is not a contribution.

_____ Which of the following financial statement titles is used by public HCOs?

_____ Under FAS 116, contributed collection items

Under FAS 116, collection items may be capitalized retroactively, prospectively, or selectively.

For a public C&U that presents a statement of revenues, expenses, and changes in net assets, permanently restricted gifts received are reported in the nonoperating revenues and expenses section.

_____ In a public C&U's statement of cash flows, interest paid on capital debt and leases is reported in which category?

Under FAS 116, a purpose restriction is deemed to have expired when an expense has been incurred for that purpose.

_____ Under FAS 116, which of the following contributions are credited directly to the entity's net assets (equity) section of the balance sheet when received?

_____ Under FAS 116, contributions are reported in the statement of activities using all of the following categories except

When a public HCO is a component unit of the primary governmental unit, its financial statements are included in the general-purpose financial statements prepared by the primary governmental unit in a(n) ___________________________ manner (shown in separate, identified columns) or a(n) _________________________ manner (not shown in separate, identified columns).

_____ In 2006, Medd City Hospital (MCH) began operations and had (under its established rate structure) billings of $8,000,000, of which $7,300,000 was collected by year-end. At year-end, a $200,000 allowance for uncollectible accounts was deemed adequate. MCH performed charity services on many patients who could not afford any payments. Based on normal billing rates, the value of this charity care was $500,000-these patients were not billed. MCH gave discounts (against its billings) of $400,000 to third-party payors. What amount would Medd report below the Operating Income or Loss line in its 2006 statement of operations?

In determining the appropriate category of net assets in which to report endowment investment gains and losses, the first of three possible places to look is state law.

_____ For a public C&U engaged in business-type activities, the amount of tuition scholarships awarded is reported in which?

_____ For public HCOs, which of the following items are shown below the operating profit or loss line in the statement of operations?

_____ For a public C&U engaged in business-type activities, where is interest on capital-related debt reported in the statement of revenues, expenses, and changes in net assets?

Under GAS 34, the two sets of guidance that exist for public C&Us to follow are public C&Us engaged in (1) ____________________________________ and (2) __________________________________________.

For a public C&U that presents a statement of revenues, expenses, and changes in net assets, unrealized gains on investments are reported in the nonoperating revenues and expenses section.

FAS 117 ________the use of fund accounting for internal record-keeping purposes.