Ch 11 cost accounting.docx - 7 Which organization has standard setting authority over governmentally related notfor-profit organizations such as

Ch 11 cost accounting.docx - 7 Which organization has...

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7. Which organization has standard setting authority over governmentally related not-for-profit organizations, such as hospitals colleges and universities? A) GASB.B) AICPA.C) FASBD) SEC. A) GASB. Private not-for-profits must follow all applicable ____ standards in recording transactions. A) GASB. B) FASB. C) AICPA. D) SEC. B) FASB. 69. Identify the standard setting body for private not-for-profit organizations and the basis of accounting that should be used. A) GASB & Accrual. B) GASB & Modified Accrual. C) FASB & Modified Accrual. D) FASB & Accrual. D) FASB & Accrual. 70. Which of the following is not a distinguishing characteristic of a private not-for-profit organization according to FASB Statement No. 116? A) Operating purposes other than to provide goods or services at a profit. B) Absence of ownership interests like those of business enterprises. C) Commonly financed through voluntary contributions. D) Operate for the direct benefit of members. D) Operate for the direct benefit of members. 71. What are the financial statements required for all nongovernmental, not-for-profit organizations? A) Statement of Financial Position, Statement of Activities, Statement of Cash Flows, Statement of Functional Expenses. B) Statement of Financial Position, Statement of Activities, Statement of Functional Expenses. C) Statement of Financial Position, Statement of Net Assets, Statement of Functional Expenses. D) Statement of Financial Position, Statement of Activities, Statement of Cash Flows. D) Statement of Financial Position, Statement of Activities, Statement of Cash Flows. 72. Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?
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  • Spring '13
  • WILSON
  • Balance Sheet, Generally Accepted Accounting Principles

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