Which of the following is not true of a Statement of Activities prepared for a

Which of the following is not true of a statement of

This preview shows page 19 - 21 out of 40 pages.

102.Which of the following is nottrue of a Statement of Activities prepared for a private not-for-profit organization? A)Expenses are shown only as decreases in unrestricted net assets. B)Reclassifications for expiration of time restrictions are shown in the revenues and support section. C)Unrealized gains (losses) on investments are shown only as increases (decreases) in unrestricted net assets. D)Expenses are classified by function within the categories of Program Services and Supporting Services either in the Statement or the notes. Answer: C 103.The Statement of Functional Expenses: 10-19
Chapter 10 - Accounting for Private Not-for-Profit Organizations104.Which of the following is not a condition for recording donated services? 105.A donor made a cash contribution of $90,000 to a private not-for-profit organization for the purpose of acquiring a building. The not-for-profit organization properly recorded the gift of cash as temporarily restricted revenue. When the building is acquired, the organization should: 106.In 2014, a major drug company agreed to give a not-for-profit private college $300,000 toperform testing of a new drug. An advance payment of $200,000 was received in 2014. The college was to receive $1,500 per individual test. In 2014, the college completed 100 tests. How much revenue should the college report for 2014? A) $ 300,000 B) $ 200,000 C) $ 150,000 D) $ 100,000 Answer: C

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture