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Chapter 13

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Accounting for Not-for-Profit Organizations

Pregunta 1 de 10

1

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?

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 2 de 10

1

Which of the following organizations would be covered by the AICPA Audit and Accounting Guide Not-for-Profit Organizations?

Selecciona una de las siguientes respuestas posibles:

  • Political parties.

  • Employee benefit and pension plans.

  • Proprietary hospitals.

  • Farm cooperatives.

Explicación

Pregunta 3 de 10

1

Accounting standards for NPOs require

Selecciona una de las siguientes respuestas posibles:

  • Accrual accounting.

  • Modified accrual accounting.

  • Fund accounting.

  • Capitalization of collections.

Explicación

Pregunta 4 de 10

1

Securities donated to an NPO should be recorded at the

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 5 de 10

1

Which of the following would be considered "contribution revenue or support" of an NPO?

Selecciona una de las siguientes respuestas posibles:

  • Gain on disposal of capital assets.

  • Contributions received from a fund-raising campaign.

  • Rent earned from rental of surplus office space.

  • Investment earnings.

Explicación

Pregunta 6 de 10

1

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

Selecciona una de las siguientes respuestas posibles:

  • A deduction from program revenue.

  • A reduction of permanently restricted assets.

  • Program services expenses.

  • Supporting services expenses.

Explicación

Pregunta 7 de 10

1

Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 8 de 10

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 9 de 10

1

Temporarily restricted net assets are released from restrictions

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 10 de 10

1

A good reason for an NPO to adopt fund accounting even though FASB standards do not require it is that

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

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