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Sample%20Exam%20#3%20F2010%20Solution

Sample%20Exam%20#3%20F2010%20Solution - Name_KEY Accounting...

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Name:___KEY____________ Accounting 456/556 Fall 2010 Third Midterm: 100 points possible Exam Instructions: 1. This is a closed book/ no notes exam. 2. You will not be allowed to leave the room and come back once you have begun the exam. 3. Make sure your exam contains 8 pages, including this page, plus a blank piece of legal size paper. 4. All pages of this exam must be submitted—even if left blank. 5. Good luck! 1
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Multiple Choice (50 points—2 ½ points each) Circle the best answer 1. Nongovernment not-for-profit organizations are required to report their financial statements on a. a current financial resources measurement focus. b. an economic resources measurement focus. c. a cash measurement focus. d. None of the above. 2. A not-for-profit organization was the recipient of a significant fixed asset donation. The asset, a building valued at $82,000, and one acre of land, valued at $210,000, is going to be used by the organization for office space and parking. The donor’s net book value of the building was $22,000, and the land basis was $65,000. The not-for-profit organization’s total basis for the assets should be 3. The local chapter of the Cure Juvenile Diabetes Association has two significant fundraising events each year in addition to their annual pledge drive - a black tie gala and a golf tournament. In 20X7, ticket sales to the gala were $532,000 (direct costs totaled $302,000). In that same year, the golf tournament generated revenues of $175,000 (direct costs totaled $45,000). The statement of activities should report a. special fundraising events revenue of $707,000 with an associated expense deduction of $347,000 reported in the revenue section of the statement of activities. b. special fundraising events revenue of $707,000 reported in the revenue section of the statement of activities. c. special fundraising events expenses of $347,000 reported in the expenses section of the statement of activities. d. Either item a separately OR items b and c together. e. Items b and c only. 4. A not-for-profit organization receives donated supplies valued at $40,000 in June. Assume that as of the fiscal year end in December the organization had used 25% of the materials. The organization should report 2
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