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MSB AC 330 XM2

MSB GovNFP Unit 11

QuestionAnswer
FASB Statement No. 117 requires at a minimum what three statements a)Statement of Financial Positionb) Statement of Activitiesc)Statement of Cash flows, that present financial information for the entity as a whole
What reasons are reclasifications of temporarily restricted support? 1)Satisfaction of program or pupose restrictions, 2)Satisfaction of equipment acquisition restrictions, sometimes measures by depreciation expense, 3) atisfaction of time restrictions, either actual donor or implied restrictions.
Functional expenses are those that relate to either the program or mission of the organization are referred to as_____________ and _______________. Program expenses, Support expenses
If the indirect method for reporting cash flows, what must be included? A reconciliation showing the change in total net assets from the statement of activities to net cash used for operating activities must be presentrd at the bottom of the statement.
An unconditional transfer of cash or other asset to the Non Profit Organization. Is a contribution.
When is a conditional promise to give recognized? A conditional promise to give is recognized when the conditions on which it depends have been substantially met.
What is the residual difference between total assets and total liabilities in a fund. The fund Balance.
Who do the assets of a custodian fund belong to? Assets of a custodian fund belong to the donors and are not assets of the organization.
Required by SFAS No. 93? Depreciation of Capital Assets
If the donor does not stipulate how the asset should be used, How is the gift classified? As unrestricted.
Created by: rhob