ACC 219 Quiz 4 - ACC 219 Quiz #4 Student: _ 1. Cash...

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ACC 219 Quiz #4 Student: ___________________________________________________________________________ 1. Cash received by a nongovernmental NPO in year 1 that the donor stipulates is to cover operating expenses of the following year should be recognized as an "increase in temporarily restricted net assets" in year 1 and as "net assets released from restrictions" in year 2. True False 2. All not-for-profit organizations covered by the AICPA Audit and Accounting Guide Not-for-Profit Organizations are under the standards-setting jurisdiction of the FASB. True False 3. All of the following are characteristics of not-for-profit organizations (NPOs) that distinguish them from business organizations except A.Contributions by resource providers who do not expect a return on investment. B.Ability to impose taxes on citizens. C.Operating purposes other than to earn a profit. D.Absence of ownership interests. 4. An example of an increase in net assets for a not-for-profit organization that would be labeled revenue rather than support is A.An unconditional promise to give. B.Investment income. C.A restricted gift. D.All of the above. 5. Revenues and expenses of both public and private colleges and universities are accounted for on the accrual basis. True False 1
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6. An unrestricted endowment established by the governing board of a public college is considered a permanent fund and would be reported as unrestricted net assets. True False 7. If a public college or university has an independent not-for-profit fund-raising foundation, then the financial position and activity of the foundation should be A.Disclosed in the notes to the university's financial statements. B.Consolidated with the university's financial information. C.It depends on the degree of control, economic interest, and influence the university has over the foundation. D.Considered a component unit of the university. 8. Which of the following receipts may properly be accounted for as an increase in unrestricted net assets? A.Student tuition and fees. B.Gift from an alumnus for a new college of business building. C.Federal grant for genetic research. D.Acceptance of assets the income from which will be paid to the donor.
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This note was uploaded on 02/23/2010 for the course ACTG 23123 taught by Professor Navaroli during the Spring '10 term at CSU San Bernardino.

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ACC 219 Quiz 4 - ACC 219 Quiz #4 Student: _ 1. Cash...

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