811917
Descripción
Test por turquoise_cat, actualizado hace más de 1 año
|
Creado por turquoise_cat
hace más de 10 años
|
|
Pregunta 1
Pregunta
Which of the following contributions would not have to be reported as an asset on the statement of financial position of a not-for-profit organization?
Respuesta
-
Land was donated to the Friends of the Forest Society for conversion into a nature trail.
-
The original courthouse was donated to the Historical Preservation Society that is converting the courthouse to a museum.
-
An art collector donated a famous oil painting to a local nongovernmental art museum for display in its exhibit hall.
-
A valuable coin collection was donated to the Youth for Conservation organization, which the organization plans to sell at current market prices.
Pregunta 2
Pregunta
Which of the following organizations would be covered by the AICPA Audit and Accounting Guide Not-for-Profit Organizations?
Respuesta
-
Political parties.
-
Employee benefit and pension plans.
-
Proprietary hospitals.
-
Farm cooperatives.
Pregunta 3
Pregunta
Accounting standards for NPOs require
Respuesta
-
Accrual accounting.
-
Modified accrual accounting.
-
Fund accounting.
-
Capitalization of collections.
Pregunta 4
Pregunta
Securities donated to an NPO should be recorded at the
Respuesta
-
Donor's recorded amount.
-
Fair market value at the date of the gift, or the donor's recorded amount, whichever is lower.
-
Fair market value at the date of the gift, or the donor's recorded amount, whichever is higher.
-
Fair market value at the date of the gift.
Pregunta 5
Pregunta
Which of the following would be considered "contribution revenue or support" of an NPO?
Respuesta
-
Gain on disposal of capital assets.
-
Contributions received from a fund-raising campaign.
-
Rent earned from rental of surplus office space.
-
Investment earnings.
Pregunta 6
Pregunta
An NPO incurred $10,000 in management and general expenses in the current fiscal year. In the organization's statement of activities prepared in conformity with FASB standards, the $10,000 would be reported as
Respuesta
-
A deduction from program revenue.
-
A reduction of permanently restricted assets.
-
Program services expenses.
-
Supporting services expenses.
Pregunta 7
Pregunta
Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
Respuesta
-
Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of an NPO.
-
Special events must be reported net of related direct costs, even if they are of a peripheral or incidental nature.
-
All special events may be reported net of related direct costs.
-
Expenses of promoting and conducting special events should be netted directly against special events revenue.
Pregunta 8
Pregunta
A local philanthropist pledged to make a donation of $100,000 to an NPO to be paid in five equal installments of $20,000 beginning in the next fiscal year. Under FASB standards the pledge would be recognized as
Respuesta
-
Support of $20,000 in each of the following five years.
-
Support of $20,000 in the year the pledge was made and $80,000 as deferred support.
-
Deferred support of $100,000 in the year the pledge was made.
-
Support of $100,000 in the year the pledge was made, discounted at an appropriate rate for future receipts.
Pregunta 9
Pregunta
Temporarily restricted net assets are released from restrictions
Respuesta
-
At the end of each fiscal year.
-
As assets are spent for the purposes intended by the donor.
-
When funds are returned to the donor.
-
When they are converted to permanently restricted net assets.
Pregunta 10
Pregunta
A good reason for an NPO to adopt fund accounting even though FASB standards do not require it is that
Respuesta
-
The NPO provides more than one type of program service.
-
The NPO's capital assets are significant.
-
Restrictions have been placed on the use of certain of its assets by donors.
-
The NPO's donated services are significant.
¿Quieres crear tus propios Tests gratis con GoConqr? Más información.