Notecards I made from Wiley's 2012 CPA Exam Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Unrestricted, temporarily restricted, and permanently restricted
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| What is included in permanently restricted assets? | show 🗑
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| What is included in temporarily restricted assets? | show 🗑
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| show | all other resources, including unrestricted contributions, net amount from providing services,unrestricted income from investments
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| What statements are required in not for profit accounting? And what goes on each statement? | show 🗑
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| If a donor imposes a condition on a unconditional contribution, when is the receivable or revenue recognized? | show 🗑
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| show | PV of the future collections. Future year collections are presumed to be temporarily restricted revenues and reclassified in year received. Diff between PV recorded amount and FV at contribution date is recorded as contribution revenue
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| show | if nothing is given by the not for profit organization in exchange in a transaction, it is a contribution
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| What would the not for profit organization do if they were an intermediary or agent for the transfer of assets to another not for profit? any exceptions to this? | show 🗑
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| Where are expenses reported for a not for profit? | show 🗑
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| What is thought of as a collection? and when may an entity capitalize it? | show 🗑
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| show | revenues or contributions would not be recognized
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| show | Recognize all unrealized gains/losses on statement of activities, along with realized gains/losses in appropriate net asset class
- Side note, report these at FV on statement of net assets
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| When should contributed services be recognized? (meet any one of the requirements) | show 🗑
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| What is the general rule in a split-interest agreement with a donor for the recognition of revenues by a not for profit? | show 🗑
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| show | 1.Purpose- activity has more than one purpose (look at what fees for activity is based on)
2.Audience-cant select based on likelihood of contribution
3.Content-must include a call to action other than raising money
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| show | Statement of functional expenses
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| What are the categories of the statement of financial position? How are net assets broken down? | show 🗑
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| show | 1.expenses must be reported by function in notes or statement of activities
2.fund raising expenses must be disclosed in notes or statement of activities
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| On the CPA exam, if the question states that the not for profit organization implies no restriction on the acquisition of fixed assets, what does this mean in regards to plant acquisition restrictions? | show 🗑
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| How are student tuition and fees reported in regards to scholarships and fellowships provided without compensation? | show 🗑
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| show | School is compensated for these scholarships, so record them as an expense
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| What requirement is there to determine if a health care organization is considered voluntary health and welfare organization? | show 🗑
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| What financial statements are required from a health care organization? | show 🗑
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| In a health care organization, what must be reported on the statement of operations below the performance indicator (operating income, revenues over expenses)? | show 🗑
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| show | mgmts policy for providing charity care and level of charity care provided are disclosed in the notes
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| In a health care organization, what is included in other revenues gains and losses? | show 🗑
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| In a health care organization, what do expenses decrease? What classification should expenses be reported as? | show 🗑
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| show | Same as a proprietary fund.
Balance sheet, statement of revenues,expenses, and changes in net assets, statement of cash flows
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Bsantoro
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