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Course 181002- Not-For-Profit Accounting: Reporting And Analysis
  Final Exam
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181002v - Not-For-Profit Accounting: Reporting And Analysis

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7 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. The not-for-profit reporting model emphasizes:
2. All of the following are typical users of financial reports of nonbusiness organizations EXCEPT:
3. Non-VHWO NFPOs are NOT required to file
4. Permanently restricted net assets for an NFPO include
5. _____________________ those donor-restricted net assets that can be used by the NFPO for their specified purpose once the donor's restriction is met.
6. Alve, a nongovernmental not-for-profit organization, is preparing its year-end financial statements. Which of the following statements is required?
7. Which one of the following generally does not constrain unrestricted net assets?
8. During the current year, Mill Foundation, a nongovernmental not-for-profit entity, received $100,000 in unrestricted contributions from the general public. Mill's board of directors stipulated that $75,000 of these contributions would be used to create an endowment. At the end of the current year, how should Mill report the $75,000 in the net assets section of the statement of financial position?
9. Janna Association, a nongovernmental not-for-profit entity, received a cash gift with the stipulation that the principal be held for at least 20 years. How should the cash gift be recorded?
10. The statement of activities reports the changes in each of the following assets EXCEPT:
11. A large not-for-profit entity's statement of activities should report the net change for net assets that are
12. Niewha, a not-for-profit organization, incurred $15,000 in management and general expenses during 2X13. In Niewha' statement of activities for the year ended December 31, 2X13, the $15,000 should be reported as
13. Functional expenses recorded in the general ledger of ABC, a nongovernmental not-for-profit entity, are as follows: Soliciting prospective members = $45,000; Printing membership benefits brochures = $30,000; Soliciting membership dues = $25,000. Maintaining donor list = $10,000. What amount should ABC report as fund-raising expenses?
14. Cancer Educators, a not-for-profit entity, incurred costs of $10,000 in its combined program services and fund-raising activities. Which of the following cost allocations might Cancer Educators report in its statement of activities?
15. NFPOs are required to value all investments in equity securities with readily determinable fair values. All investments in debt securities should be measured at __________ in the statement of financial position.
16. Uptown Church received a donation of equity securities with readily determinable fair values from a church member. The securities had appreciated in value after they were purchased by the donor, and they continued to appreciate through the end of Uptown's fiscal year. At what amount should Uptown report its investment in donated securities in its year-end statement of financial position?
17. A statement of cash flows is to be presented in general-purpose external financial statements by which of the following?
18. According to ASC 958-605-05-3, Not-for-Profit Entities: Revenue Recognition (FAS-116, Accounting for Contributions Received and Contributions Made) what classification(s), if any, should be used by not-for-profit organizations to report receipts of contributions?
19. Kendall Foundation, a not-for-profit agency, receives free electricity on a continuous basis from a local utility company. The utility company's contribution is made subject to cancellation by the donor. Kendall should account for this contribution as a(n)
20. All not-for-profit organizations, including colleges and universities, are required under ASC 958-360-35, Not-for-Profit Entities: Depreciation (FAS-93, Recognition of Depreciation by Not-for-Profit Organizations) to recognize depreciation in financial statements and
21. ASC 958-605-05-3, Not-for-Profit Entities: Revenue Recognition (FAS-116, Accounting for Contributions Received and Contributions Made) specifies that unconditional promises to give contributions received (made) are recognized in the period (made) as
22. An NFPO holds an investment in the common stock of a for-profit entity. The NFPO most likely would NOT consolidate the other entity when it
23. General purpose external financial reporting by a healthcare organization do NOT require presentation of
24. John Jay community hospital normally includes rent received from office space rentals to third parties in
25. Healthcare providers’ other revenues do NOT include
26. Which of the following normally is included in the other revenue, gains, or losses of a hospital?
27. In April, Delta Hospital purchased medicines from Field Pharmaceutical Co. at a cost of $5,000. However, Field notified Delta that the invoice was being canceled and that the medicines were being donated to Delta. Delta should record this donation of medicines as
28. Cura Foundation, a voluntary health and welfare organization (VHWO) supported by contributions from the general public, included the following costs in its statement of functional expenses for the year: Fund raising = $500,000; Management and General (including data processing) = $300,000; and Research = $100,000. Cura's functional expenses for program services included
29. Which of the following is NOT an investment used by voluntary health and welfare organizations (VHWOs)?
30. ASC 958-605-05-3, Not-for-Profit Entities: Revenue Recognition (FAS-116, Accounting for Contributions Received and Contributions Made) specifies that unconditional promises to give and contributions received (made) are recognized at ______________ in the period received (made).
31. On January 1, Year 4, a not-for-profit botanical society received a gift of an exhaustible fixed asset with an estimated useful life of 10 years and no salvage value. The donor's cost of this asset was $20,000, and its fair value at the date of the gift was $30,000. What amount of depreciation of this asset should the society recognize in its Year 4 financial statements, using straight-line method?
32. Jenny Church has cash available for investments from contributions with different restrictions. Jenny's policy is to maximize its financial resources. How may Jenny pool its investments?
33. All other not-for-profit organizations (ONFPOs) are required use the ______________ of accounting.
34. __________________ is used by an NFPO to file a tax return.
35. A _____________________ indicates a worrisome deficit position that is an indicator of potential bankruptcy.
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