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MSB AC330 XM2

MSB GovNFP Unit 11

QuestionAnswer
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