28689027-p2-Not-for-Profit-Organizations

28689027-p2-Not-for-Profit-Organizations - NOT-FOR-PROFIT...

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NOT-FOR-PROFIT ORGANIZATIONS Objectives of Nonbusiness Organizations 1. Which one of the following is ordinarily not considered one of the major distinguishing characteristics of nonbusiness organizations? a. Significant amounts of resources are provided by donors in nonreciprocal transactions. b. There is an absence of defined, transferable ownership interests. c . Performance indicators similar to a business enterprise’s profit are readily available. d. The primary operating purpose is not to provide goods or services at a profit. Gleim 2. Which of the following is a characteristic of nonbusiness organizations? 3. Financial reporting by nonbusiness organizations should provide information useful in 4. Typical users of financial reports of nonbusiness organizations include which of the following? Not-for-Profit Organizations 5. SFAS 117, Financial Statements of Not-for-Profit Organizations , establishes standards for general-purpose external financial statements issued by not-for-profit organizations. A complete set of financial statements should include a. Statements of financial position as of the beginning and end of the reporting period, a statement of cash flows, and a statement of activities. b. A statement of financial position as of the end of the reporting period, a statement of cash flows prepared on the direct basis, and a statement of activities. c . A statement of financial position as of the end of the reporting period, a statement of cash flows, and a statement of activities. Gleim d. Statements of financial position as of the beginning and end of the reporting period, comparative statements of cash flows, and comparative statements of activities. 6. SFAS 117, Financial Statements of Not-for-Profit Organizations, focuses on a . Basic information for the organization as a whole. b. Standardization of funds nomenclature. c. Inherent differences of not-for-profit organizations that affect reporting presentations. d. Distinctions between current fund and non-current fund presentations.AICPA 1194 TMG-30 7. In a statement of financial position, a not-for-profit organization should report amounts for which of the following classes of net assets?
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