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

Under FAS 116, assets that have been received and that can be retained and used only if a conditional future event occurs are classified in the asset section as Refundable Advances.

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

Under FAS 117, an intermediate measure of operations cannot be shown in the statement of activities.

Under FAS 116, contributions are recognized when received, with limited exceptions.

_____ 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 ? General Gifts Capital Gifts a. Nonoperating revenues (expenses) After nonoperating revenues (expenses) b. Revenues Revenues c. Revenues Nonoperating revenues (expenses) d. Nonoperating revenues (expenses) Revenues e. Revenues After nonoperating revenues (expenses)

For public C&Us engaged only in business-type activities, the net assets section of the statement of net assets consists of the following three categories: (1) ____________________________________, (2) ___________________________________, and (3) __________________________________.

Under FAS 116, a nonprofit organization must establish an accounting policy as to whether implied time restrictions exist on contributed capital assets only if no donor-imposed restrictions exist.

_____ For 2006, Sesko State University (SSU) had the following items: What is the total of the items that SSU reports for nonoperating revenues and expenses in its statement of revenues, expenses, and changes in net assets for 2006?

_____ In a public C&U's statement of cash flows, interest received on endowment investments is reported in which category?

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

_____ For a public C&U, a statement of cash flows is required only if the public C&U is

Under FAS 117, fund accounting for internal record-keeping purposes is specifically discouraged.

Contributions of capital assets would usually be classified as either _________________________________ or __________________________________________, depending on __________________________________ or the nonprofit organization's (NPO) __________________________ in the absence of ____________________________.

The operating statement of a public HCO is called a statement of _____________________. (The operating statement of a private, for-profit HCO is called a statement of ____________________.)

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 the donor's intent.

Endowment investment gains and losses on specific donated assets that must be held in perpetuity must be reported as changes to _________________________.

For public HCOs, the two categories of financing presented in a statement of cash flows are (a) cash flows from ________________________________ financing activities and (b) cash flows from ___________________________ financing activities.

Public C&Us must report their operations using only either (1) a statement of revenues, expenses, and changes in net assets or (2) a statement of activities.

Three ways to determine the fair value of a contribution are (a) ________________________________________________, (b) _________________________________________, and (c) ___________________________________________.

Under FAS 116, repairs made to a building on a volunteer basis by a plumber would not be recognized in the financial statements.