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1. A not-for-profit organization that follows FASB standards must display the changes in all classes of net assets on which of the following

1.  A not-for-profit organization that follows FASB standards must display the changes in all classes of

net assets on which of the following statements?

A. Statement of activities.

B. Statement of financial position.

C. Statement of cash flows.

D. Statement of functional expenses.



2. The purpose of the reporting of functional expenses is to:

A. Report on the net income of each program and the related direct and indirect expenses.

B. Report on program expenses and supporting expenses.

C. Report on the natural expenses (object-of-expense), as well as program and support functions

expenses.

D. Report on the cash flows of each program and that of supporting the programs.


3.  Financial statements prepared after December 15, 2017, the FASB requires that when presenting the

statement of cash flows:

A. Only the direct method can be used.

B. If the direct method is used, you must present the reconciliation of the operating activities separately at

the bottom of the cash flows statement.

C. If the direct method is used, you may present the reconciliation of operating activities separately at the

bottom of the cash flows statement, but it is not required.

D. Only the indirect method can be used.


4. Financial statements prepared after December 15, 2017, the FASB requires that functional expenses

be reported:

A. Only using a statement of functional expenses for all types of not-for-profit organizations.

B. In the statement of activities, reported in the disclosure notes, or as a separate statement of functional

expenses for all types of not-for-profit organizations.

C. Only in the disclosure notes for all types of not-for-profit organizations.

D. Only for voluntary health and welfare organizations.

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1 comment
  • answers are incorrect
    • melyb
    • May 03, 2018 at 3:41pm

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