Question 1

Term endowments would be classified as _______________________ contributions.

Accepted Answer

The answer of Term endowments would be classified as _______________________...

Question 2

Under FAS 117, revenues from special events that are ongoing and major activities are reported net of related expenses.

Accepted Answer

A) True 
 B)False

Question 3

Under FAS 117, "board-restricted" net assets must be shown separately in the statement of financial position.

Accepted Answer

A) True 
 B)False

Question 4

_____	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 should MCH report for Net Patient Service Charges for 2006?

Accepted Answer

A)  $7,200,000 
B)  $7,600,000 
C)  $8,000,000 
D)  $8,100,000 
E)  $8,500,000 
A)  $7,200,000 
B)  $7,600,000 
C)  $8,000,000 
D)  $8,100,000 
E)  $8,500,000

Question 5

Under FAS 116, the definition of contributions includes both reciprocal and nonreciprocal transfers.

Accepted Answer

A) True 
 B)False

Question 6

Subsequent endowment investment gains that restore the fair value of the endowment fund investments to the level of the donor stipulated amount are reported as increases in ____________________________________ net assets.

Accepted Answer

The answer of Subsequent endowment investment gains that restore the...

Question 7

_____ For a public C&U engaged in business-type activities, where are state capital appropriations reported in the statement of revenues, expenses, and changes in net assets?

Accepted Answer

A)  In the revenues section. 
B)  In the nonoperating revenues (expenses) section. 
C)  After the nonoperating revenues (expenses) section. 
D)  Omitted from this statement but reported directly in the net assets section of the statement of financial position. 
E)  Omitted from this statement but reported in the cash flow statement. 
A)  In the revenues section. 
B)  In the nonoperating revenues (expenses) section. 
C)  After the nonoperating revenues (expenses) section. 
D)  Omitted from this statement but reported directly in the net assets section of the statement of financial position. 
E)  Omitted from this statement but reported in the cash flow statement.

Question 8

_____For public HCOs, which of the following items is not reported in the statement of operations?

Accepted Answer

A) Contributions of unrestricted long-lived assets. 
B) Change in net unrealized gains (losses) on available-for-sale securities. 
C) Imputed value of charity care provided. 
D) Investment income (interest and dividends). 
E) None of the above. 
A) Contributions of unrestricted long-lived assets. 
B) Change in net unrealized gains (losses) on available-for-sale securities. 
C) Imputed value of charity care provided. 
D) Investment income (interest and dividends). 
E) None of the above.

Question 9

_____	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 reflect in its general ledger as Gross Patient Service Charges for 2006?

Accepted Answer

A)  $7,200,000 
B)  $7,600,000 
C)  $8,000,000 
D)  $8,100,000 
E)  $8,500,000 
A)  $7,200,000 
B)  $7,600,000 
C)  $8,000,000 
D)  $8,100,000 
E)  $8,500,000

Question 10

_____	Status State University (SSU) has volunteers who (a) regularly provide teaching services to SSU and (b) are paid only nominal amounts to reimburse them for their commuting costs. During 2006, SSU paid $33,000 to these volunteers (retired scientists who teach science courses on a part-time basis). The gross value of services performed by these volunteers amounted to $400,000. What amount should SSU report for contributions revenues in 2006 for these volunteers' services?

Accepted Answer

A)  $-0- 
B)  $33,000 
C)  $367,000 
D)  $400,000 
E)  $433,000 
A)  $-0- 
B)  $33,000 
C)  $367,000 
D)  $400,000 
E)  $433,000

Question 11

_____	For a public C&U engaged in business-type activities, where is investment income reported in the statement of revenues, expenses, and changes in net assets?

Accepted Answer

A)  In the revenues section. 
B)  In the nonoperating revenues (expenses) section. 
C)  After the nonoperating revenues (expenses) section. 
D)  Preceding the nonoperating revenues (expenses) section. 
E)  Reported only in the cash flow statement. 
A)  In the revenues section. 
B)  In the nonoperating revenues (expenses) section. 
C)  After the nonoperating revenues (expenses) section. 
D)  Preceding the nonoperating revenues (expenses) section. 
E)  Reported only in the cash flow statement.

Question 12

_____	Under FAS 116, when are conditional promises to give cash recognized in the financial statements?

Accepted Answer

A)  When the promise is received. 
B)  When the cash is collected. 
C)  When the promise becomes unconditional in status. 
D)  When the possibility of occurrence of the condition set forth in the promise becomes remote. 
E)  None of the above 
A)  When the promise is received. 
B)  When the cash is collected. 
C)  When the promise becomes unconditional in status. 
D)  When the possibility of occurrence of the condition set forth in the promise becomes remote. 
E)  None of the above

Question 13

Under FAS 117, the statement of financial position must show total assets, total liabilities, and total net assets (equity).

Accepted Answer

A) True 
 B)False

Question 14

Public C&Us must follow the guidance in GAS 34 that pertains to _________________________________________.

Accepted Answer

The answer of Public C&Us must follow the guidance in...

Question 15

Under FAS 116, contributions of capital assets are classified as increasing unrestricted net assets when the assets are placed in service.

Accepted Answer

A) True 
 B)False

Question 16

_____ For a public C&U engaged in business-type activities, where are the following items reported in the statement of revenues, expenses, and changes in net assets?
 $\begin{array}{llcc}
  \text { Within the Nonoperating } &  \text {  After the Nonoperating} \
\text { Revenues (Expenses) Section } &  \text {Revenues (Expenses) Section  } \
\text {a. Investment income  } &  \text { Capital appropriations } \
\text {b. Capital appropriations  } &  \text { General appropriations } \
\text { c. Investment income } &  \text { Interest on capital asset-related debt } \
\text { d. Gifts received } &  \text {  Investment income} \
\text {  e. Capital appropriations
} &  \text { Investment income } \
\end{array}$

Accepted Answer

The answer of _____ For a public C&U engaged in...

Question 17

Voluntary health and welfare organizations must also report expenses by __________________classification in a separate financial statement using a(n) __________________ format.

Accepted Answer

The answer of Voluntary health and welfare organizations must also...

Question 18

Public NPOs are required to follow all private-sector standards issued after 11/30/89.

Accepted Answer

A) True 
 B)False

Question 19

Under FAS 116, an unconditional promise to give must be in writing to qualify as a recognizable contribution.

Accepted Answer

A) True 
 B)False

Question 20

_____	Under FAS 117, income earned from temporary endowments that can be spent on only certain programs but that has not yet been spent would be reported in the statement of activities in the

Accepted Answer

A)  Permanently restricted category. 
B)  Temporarily restricted category. 
C)  Unrestricted category. 
D)  Temporarily restricted category or unrestricted category. 
E)  None of the above. 
A)  Permanently restricted category. 
B)  Temporarily restricted category. 
C)  Unrestricted category. 
D)  Temporarily restricted category or unrestricted category. 
E)  None of the above.

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

Term endowments would be classified as _______________________ contributions.

Under FAS 117, revenues from special events that are ongoing and major activities are reported net of related expenses.

Under FAS 117, "board-restricted" net assets must be shown separately in the statement of financial position.

Under FAS 116, the definition of contributions includes both reciprocal and nonreciprocal transfers.

Subsequent endowment investment gains that restore the fair value of the endowment fund investments to the level of the donor stipulated amount are reported as increases in ____________________________________ net assets.

_____ For a public C&U engaged in business-type activities, where are state capital appropriations reported in the statement of revenues, expenses, and changes in net assets?

_____For public HCOs, which of the following items is not reported in the statement of operations?

_____ For a public C&U engaged in business-type activities, where is investment income reported in the statement of revenues, expenses, and changes in net assets?

_____ Under FAS 116, when are conditional promises to give cash recognized in the financial statements?

Under FAS 117, the statement of financial position must show total assets, total liabilities, and total net assets (equity).

Public C&Us must follow the guidance in GAS 34 that pertains to _________________________________________.

Under FAS 116, contributions of capital assets are classified as increasing unrestricted net assets when the assets are placed in service.

Voluntary health and welfare organizations must also report expenses by __________________classification in a separate financial statement using a(n) __________________ format.

Public NPOs are required to follow all private-sector standards issued after 11/30/89.

Under FAS 116, an unconditional promise to give must be in writing to qualify as a recognizable contribution.

_____ Under FAS 117, income earned from temporary endowments that can be spent on only certain programs but that has not yet been spent would be reported in the statement of activities in the

Wholly Owned Subsidiaries: at Date of Creation

Wholly Owned Subsidiaries: Postcreation Periods

Partially Owned Created Subsidiaries & Variable Interest Entities

Introduction to Business Combinations

The Purchase Method: at Date of Acquisition-100 Ownership

The Purchase Method: Postacquisition Periods and Partial Ownerships

New Basis of Accounting

Introduction to Intercompany Transactions

Intercompany Inventory Transfers

Intercompany Fixed Asset Transfers & Bond Holdings

Changes in a Parents Ownership Interest, Statement of Cash Flows, & Earnings Per Share

Reporting Segment and Related Information

International Accounting Standards & Translating Foreign Currency Transactions

Using Derivatives to Manage Foreign Currency Exposures

Translating Foreign Currency Statements: The Current Rate Method

Translating Foreign Currency Statements: The Temporal Method and the Functional Currency Concept

Interim Period Reporting

Securities and Exchange Commission Reporting

Bankruptcy Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Changes in Ownership

Partnerships: Liquidations

Estates and Trusts

Governmental Accounting: Basic Principles and the General Fund

Governmental Accounting: The Special-Purpose Funds and Special General Ledger

Filters

Voluntary health and welfare organizations must also report expenses by classification in a separate financial statement using a(n) format.