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Unformatted text preview: • Question 1 1 out of 1 points Which of the following is a legitimate reason for a private not-for- profit organization to have a surplus (increase in net assets)? Answer Selected Answer: Both (a) and (b) above. Correct Answer: Both (a) and (b) above. • Question 2 1 out of 1 points A donor made a gift of cash to a private not-for-profit organization in 2012 with an expressed purpose restriction. All the funds were expended in 2012. The organization must: Answer Selected Answer: Use either of the methods described in (a) or (b). Correct Answer: Use either of the methods described in (a) or (b). • Question 3 1 out of 1 points Private not-for-profit entities are usually primarily concerned with which of the following performance measures? Answer Selected Answer: Their Program Expense Ratio. Correct Answer: Their Program Expense Ratio. • Question 4 1 out of 1 points The three classes of net assets reported for a private not-for- profit organization include all of the following except:...
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This note was uploaded on 03/23/2012 for the course ACCT 266 taught by Professor None during the Spring '12 term at Clark State Community College.
- Spring '12