Sample%20Exam%20#3%20F2010-1

Sample%20Exam%20#3%20F2010-1 - Name:_ Accounting 456/556...

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Name:_______________ 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 9 pages, including this page. 4. All pages of this exam must be submitted—even if left blank. 5. Good luck! 1
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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 a. $0 b. $87,000 c. $104,000 d. $147,000 e. $292,000 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 a. restricted contributions of $40,000 and no expenses. b. restricted contributions and expenses of $40,000. c. unrestricted contributions of $40,000 and expenses of $10,000. d. unrestricted contributions and expenses of $10,000. e.
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This note was uploaded on 05/04/2011 for the course ACC 355 taught by Professor Smith during the Spring '11 term at ASU.

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Sample%20Exam%20#3%20F2010-1 - Name:_ Accounting 456/556...

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