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1. Reciprocal transfers where both parties give and receive something of
value are
2. Which of the following types of health care organizations follow FASB
Accounting Standards Codification for GAAP?
3. Which of the following types of health care organizations recognize
depreciation expense
?
4. In accruing patient charges for the current month, which one of the
following accounts should a hospital credit?
5. Which account would be credited in recording a gift of medicine to a
nursing home from an outside party?
6. Which one of the following financial statements is
not
required by GAAP
regarding a voluntary health and welfare organization?
7. Unconditional transfers of cash or other resources to an entity in a
voluntary nonreciprocal transaction is the GAAP definition for
8. Which one of the following is a
voluntary health and welfare organization
?
9. On a statement of functional expenses for a voluntary health and welfare
organization, how are expenses classified?
10. Which of the following is
not
a question individuals ask of not-for-profit
organizations in considering whether to make a contribution?
11. Historically, what was the pattern of reporting of not-for-profit
organizations?
(1) Patterned after for-profit accounting
(2) Emphasis on separate fund types
(3) Disregard for the entire entity
12. Which of the following statements is required for voluntary health and
welfare organizations, but not for other not-for-profit organizations?
13. What are the three categories of net assets required by GAAP in reporting
a not-for-profit organization?
14. What is the basis of accounting used in reporting the Statement of
Activities and Changes in Net Assets?
15. When are unconditional promises to give recognized as revenues?
16. The following gifts are received in Year One by a not-for-profit
organization:
I. $2,000 specified by the donor to be used to pay salaries.
II. $10,000 for new conference room furniture.
III. $5,000 to be held for one year before being expended.
The salaries are paid in Year Two and the conference room furniture is
purchased in Year One.
How much should be shown as increases as Temporarily Restricted Net Assets
in Year One?
17. The following gifts are received in Year One by a not-for-profit
organization:
I. $2,000 specified by the donor to be used to pay salaries.
II. $10,000 for new conference room furniture.
III. $5,000 to be held for one year before being expended.
The salaries are paid in Year Two and the conference room furniture is
purchased in Year One.
How much should be reclassified on the Statement of Activities in Year Two from
the Temporarily Restricted column to the Unrestricted column?
18. How are investments in equity securities with readily determinable market
values and their related unrealized gains and losses reported by a not-for-profit
organization?
19. Which statement below is
not
correct?
20. A gift to a not-for-profit school that is
not
restricted by the donor is
credited to:
21. Which entry would be the correct entry on the donor's books when the
donor relinquishes control of an asset that it contributes to a not-for-profit
organization?
22. Which entry would be the correct entry on the donor's books when the
donor retains control of an asset that it contributes to a not-for-profit
organization?
23. Which entry would be the correct entry on the not-for-profit organization's
books to record a donor's gift when the money is simply passing through the not-
for-profit organization and creates no direct benefit, and when control of the
assets has been relinquished by the donor?
24. Which entry would be the correct entry on the not-for-profit organization's
books to record a donor's gift when power over the assets has been retained by
the donor?
