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5.0
NFP accounting Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded
A+
For external reporting purposes, the not-for-profit reporting model
requires information about
Ans: The entity as a whole but not about individual funds.
In a statement of financial position, a nongovernmental not-for-profit
entity must at a minimum report amounts for which of the following
classes of net assets?
Ans: Without donor restrictions
With donor restrictions
1 &2
What is the primary purpose of the statement of activities of a
nongovernmental not-for-profit organization?
Ans: To report the change in net assets for the period.
The purpose of a statement of financial position for a
nongovernmental not-for-profit entity is to provide relevant information
about
Ans: The assets, liabilities, and net assets, and about their relationships to one
another at a moment in time.
Sunday, 02 March 2025
,In the preparation of the statement of activities for a nongovernmental
NFP, most expenses are reported as decreases in which of the following
minimum required net asset classes?
Ans: net assets without donor restrictions
At the beginning of the year, the Baker Fund, a nongovernmental not-
for-profit corporation, received a $125,000 contribution restricted to
youth activity programs. During the year, youth activities generated
revenues of $89,000 and had program expenses of $95,000. What
amount should Baker report as net assets released from restrictions for
the current year?
Ans: 95,000 - Only expenses incurred
The Pel Museum, a nongovernmental not-for-profit entity (NFP),
received a contribution of historical artifacts. It need not recognize the
contribution if the artifacts are to be sold and the proceeds used to
Ans: acquire other items for collection
Birdlovers, a nongovernmental not-for-profit entity, incurred $5,000 in
management and general expenses during the year. In Birdlovers'
Examstudy - Stuvia US
, statement of activities for the year ended December 31, the $5,000
should be reported as
Ans: part of supporting activities
A not-for-profit voluntary health and welfare entity should report a
contribution for the construction of a new building as cash flows from
which of the following in the statement of cash flows?
Ans: financing activities
Fact Pattern:
NFP, a nongovernmental not-for-profit entity, reported a change in net
assets of $300,000 for the current year. Changes occurred in several
balance sheet accounts as follows:
Equipment
$25,000 increase
Accumulated depreciation
40,000 increase
Note payable
30,000 increase
Additional Information:
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
NFP accounting Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded
A+
For external reporting purposes, the not-for-profit reporting model
requires information about
Ans: The entity as a whole but not about individual funds.
In a statement of financial position, a nongovernmental not-for-profit
entity must at a minimum report amounts for which of the following
classes of net assets?
Ans: Without donor restrictions
With donor restrictions
1 &2
What is the primary purpose of the statement of activities of a
nongovernmental not-for-profit organization?
Ans: To report the change in net assets for the period.
The purpose of a statement of financial position for a
nongovernmental not-for-profit entity is to provide relevant information
about
Ans: The assets, liabilities, and net assets, and about their relationships to one
another at a moment in time.
Sunday, 02 March 2025
,In the preparation of the statement of activities for a nongovernmental
NFP, most expenses are reported as decreases in which of the following
minimum required net asset classes?
Ans: net assets without donor restrictions
At the beginning of the year, the Baker Fund, a nongovernmental not-
for-profit corporation, received a $125,000 contribution restricted to
youth activity programs. During the year, youth activities generated
revenues of $89,000 and had program expenses of $95,000. What
amount should Baker report as net assets released from restrictions for
the current year?
Ans: 95,000 - Only expenses incurred
The Pel Museum, a nongovernmental not-for-profit entity (NFP),
received a contribution of historical artifacts. It need not recognize the
contribution if the artifacts are to be sold and the proceeds used to
Ans: acquire other items for collection
Birdlovers, a nongovernmental not-for-profit entity, incurred $5,000 in
management and general expenses during the year. In Birdlovers'
Examstudy - Stuvia US
, statement of activities for the year ended December 31, the $5,000
should be reported as
Ans: part of supporting activities
A not-for-profit voluntary health and welfare entity should report a
contribution for the construction of a new building as cash flows from
which of the following in the statement of cash flows?
Ans: financing activities
Fact Pattern:
NFP, a nongovernmental not-for-profit entity, reported a change in net
assets of $300,000 for the current year. Changes occurred in several
balance sheet accounts as follows:
Equipment
$25,000 increase
Accumulated depreciation
40,000 increase
Note payable
30,000 increase
Additional Information:
Examstudy - Stuvia US
