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MSB AC330 XM2
MSB GovNFP Unit 11
| Question | Answer |
|---|---|
| This chapter primarily focuses on ______ refered to as voluntary health and wealfare organizations or human service organizations? | NPO's |
| List some exapmles or these types of organizations. | Girl Scouts; Boy Scouts, American Cancer Society. |
| The objectives of financial reporting for NFP's agencies are to provide information useful in ... ? | Making resource allocation decisions, Assessing services and ability to provide services, Assessing management, assessing economic resources. |
| _____ arise from contributions for which either no donor restrictions exist or the restrictions have expired, revenues for services provided, and most investment income. | Unrestricted Net Assets |
| _____ in the traditional sense, represents increases in unrestricted net assets arising from bilateral ______ _____ in which the other party to the treansaction is presumed to recieve direct tangible benefit commensurate with the resources provided. | Revenues; Exchange transactions |
| This is commonly called pledges. | Promises to give |
| Depends only on the passage of time or demand by the promisee for perfomance. | Unconditional promise to give |
| What is one of the basic characteristics that distinguishes NFP from comercial organizations? | noncash contirbutions or gifts in kind |
| Certian NFP organizations have significant collections. Name a type of organization that would have collections and name a type of collection the organizations may have. | Museum or libraries. Art, treasures, other similar assets. |
| How many fund caegories are described in the AICPA audit and Accounting Guide, NFP's. | Seven |
| How would pledges of 20,000 that are unrestricted and pledges of 14,000 that are restricted be recorded. | Contributions Recieveable - unrestricted 20,000 Contribution-unrestricted 20,000Contributions recieveable-temp. restricted 14,000 Contributions-Temp Restricted- program 14,000 |
| How would direct costs of a fund raiser be recorded? | Direct Costs Cash |
| If accounts payable and accured expenses are paid in cash during 2011 in the amount of 210,000, how would it be recorded? | Accounts Payable and Accured Expenses 210,000 Cash 210,000 |
Created by:
katrina.jones
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