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    12 PDF

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    A. Magno

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    © All Rights Reserved
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    12 PDF

    Uploaded by

    A. Magno
    36 views6 pages

    Original Title

    12.pdf

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    36 views6 pages

    12 PDF

    Uploaded by

    A. Magno

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 6

    Question 1 of 15 1 Point

    Jason gives a cash gift to a political party he supports for the upcoming elections for whatever
    purpose the party spends the money. The political party should record the gift as a temporarily
    restricted contribution since elections have not yet taken place.

    Select the correct response:

    True

    e False

    Question 2 of 15 1 Point

    The unconditional promise of Shelby to give money to a fraternal nonprofit organization would be
    recognized as revenue in the period the promise is received.

    Select the correct response:

    @ True

    False

    Question 3 of 15 1 Point

    Donated services (organizing webinars) of CPA officers to their professional organization, PICPA,
    would be accounted for as unrestricted contributions.

    Select the correct response:

    @ True

    False

    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
    Question 4 of 15 1 Point

    For a professional organization, a statement of changes in net assets is required.

    Select the correct response:

    True

    @ False

    Question 5 of 15 1 Point

    Contributions with time restriction are credited to a deferred revenue account of a nonprofit
    organization until the time has elapsed.

    Select the correct response:

    True

    @ False

    Question 6 of 15 1 Point

    Works of art intended for a display collection are not subject to depreciation.

    Select the correct response:

    e@ True

    False

    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
    Question 7 of 15 1 Point

    Management Discussion and Analysis is a required external financial statement of a trade


    association.

    Select the correct response:

    True

    e False

    Question 8 of 15 1 Point

    Contributed services performed by persons not having specialized skills are not recognized in the
    financial statements.

    Select the correct response:

    @ True

    False

    Question 9 of 15 1 Point

    Board-designated funds are reported in the statement of activities as a separate net asset.

    Select the correct response:

    True

    ® False

    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
    Question 10 of 15 1 Point

    When the purpose restriction on a charitable donation is satisfied, net assets released from
    restrictions would be also be reflected on the statement of cash flows.

    Select the correct response:

    ® True

    False

    Question 11 of 15 1 Point

    Contributions of services that enhance financial assets are recognized in the statement of activities
    of a nonprofit organization.

    Select the correct response:

    @ True

    False

    Question 12 of 15 1 Point

    A historical society received as a gift, several old pictures of the downtown area 80 years ago. It has
    been determined that that the pictures have historical and educational use. The pictures are
    suitable for display , and no alternative use exists. The historical society could capitalize the
    contribution since it is deemed to have historical and educational value.

    Select the correct response:

    True

    e False

    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
    Question 13 of 15 1 Point

    Depreciation expense is not recognized by a professional organization.

    Select the correct response:

    True

    e False

    Question 14 of 15 1 Point

    An unconditional transfer of cash to a religious organization by a wealthy member would be


    accounted for as unrestricted contribution.

    Select the correct response:

    ® True

    False

    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
    This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

    https://www.coursehero.com/file/127590728/12pdf/
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