1. The section of the comprehensive annual financial report that presents tables and
charts showing social and economic data in addition to financial trends, fiscal capacity,
and operating information of the government is the:
1. Understand the difference between the standard audit report for nonpublic and public company. Be
familiar with the format (sections/paragraphs) of both reports.
2. Be able to identify the circumstances that result
1. What is the primary purpose of the statement of activities of a nongovernmental not-forprofit organization?
To report the change in net assets for the period.
To report the liquidity of the entity as of a specific date.
To report assets, li
ACCOUNTING 504 PRACTICE FINAL
25 QUESTIONS WORTH 4 POINTS EACH
MUST READ: QUESTIONS 1-25 ARE BASED ON INFORMATIOM FROM
THE WILSON TEXT, CHAPTERS 13, 15, 16. YOU SHOULD ATTEMPT
EVERY QUESTION AND PLACE YOUR ANSWER ON YOUR SCANTRON
AS ITEMS 1-25.
1. When a nonprofit (nongovernmental) organization spends money for the purpose for which an
external donor intended, then the expense is reported as
A decrease in unrestricted net assets.
A decrease in temporarily restricted net assets.
1. A not-for-profit voluntary health and welfare organization received a $500,000 permanent endowment.
The donor stipulated that the income must be used for a mental health program. The endowment fund
reported $60,000 net decrease in market value and $30,
Intermediate Accounting II Bus121B
Final Exam Review Questions
Use the following information to answer questions 1-3.
On January 1, 2014, Sanders Corp. granted an employee an option to purchase 3,000 shares of Sanderss $5
par value common stoc