Ch19 - Ch19 Student: _ 1. Which rule-making body is...

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Ch19 Student: ___________________________________________________________________________ 1. Which rule-making body is currently setting standards of financial reporting for private not-for-profit universities and for public (governmental) universities? A. B. C. D. 2. Private, not-for-profit entities should classify their net assets as: I. permanently restricted as to principal. II. restricted as to time or purpose by donors. A. I. B. II. C. Both I and II. D. Neither I nor II. 3. Net assets restricted as to time or purpose should be classified as: I. temporarily restricted. II. permanently restricted. A. I. B. II. C. Either I or II. D. Neither I nor II. 4. A not-for-profit organization received a donation temporarily restricted as to use. The donated amount was later spent in accordance with the restriction. In which category(ies) of net assets should the related revenues and expenses be recognized? A. B. C. D. 5. According to FASB 93, "Recognition of Depreciation by Not-For-Profit (NFP) Entities," NFP entities should recognize depreciation I. as an expenditure of the fund using the depreciable assets. II. on all long-lived intangible assets. A. I. B. II. C. Either I or II. D. Neither I nor II.
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6. When the term restricted is used in university accounting, it refers to a constraint on the use of funds which has been I. internally imposed. II. externally imposed. A. I. B. II. C. Either I or II. D. Neither I nor II. 7. What method of accounting should be used by colleges and universities? I. Accrual II. Modified accrual or accrual, depending on the specific fund A. I. B. II. C. Either I or II. D. Neither I nor II. 8. The current funds of a university include which of the following subfunds? A. Unrestricted current funds and agency funds. B. Unrestricted and restricted current funds. C. Restricted current funds and loan funds. D. Unrestricted and restricted current funds and plant funds. 9. Which of the following recognition and measurement bases best summarizes the usual treatment of contributions to private not-for-profit entities in accordance with FASB 116? A. B. C. D. 10. According to Statement of Financial Accounting Standards 117, the statement of financial position of a private university should report the excess of the university's assets over its liabilities as A. fund balance. B. unrestricted and restricted fund balance. C. net assets. D. unrestricted, temporarily restricted, and permanently restricted net assets.
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11. Which of the following is an example of volunteer services received by a not-for-profit entity that should be recognized as revenue? I. Services requiring specialized skills, provided by individuals with those skills, that otherwise would have to be purchased. II. Services of lay faculty at a private university operated by a religious order.
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This note was uploaded on 05/26/2011 for the course ACCT 410 taught by Professor Khalib during the Spring '11 term at Strayer.

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Ch19 - Ch19 Student: _ 1. Which rule-making body is...

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