Accounting

Purchase of capital assets by government colleges and universities engaged only

Purchase of capital assets by government colleges and universities engaged only

Purchase of capital assets by government colleges and universities engaged only in business would be reported as
A.   Expenditures.
B.   Transfers to capital assets.
C.   Reclassifications.
D.   Increases in capital assets.

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f_zah1

Government colleges and universities must recognize donations received with purp

Government colleges and universities must recognize donations received with purp

Government colleges and universities must recognize donations received with purpose restrictions as
A.   Deferred revenue until the restrictions are met.
B.   Operating revenues.
C.   Nonoperating revenues.
D.   None of the above.

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f_zah1

Tuition revenues of government colleges and universities are reported A.Net of

Tuition revenues of government colleges and universities are reported A.Net of

Tuition revenues of government colleges and universities are reported
A.   Net of bad debts, scholarships and fellowships.
B.   Net of bad debts.
C.   Net of scholarships and fellowships.
D.   At the gross amount of the standard tuition a

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f_zah1

A college has a June 30 fiscal year end. Assume that tuition revenue for the sum

A college has a June 30 fiscal year end. Assume that tuition revenue for the sum

A college has a June 30 fiscal year end. Assume that tuition revenue for the summer session that begins June 1, 20X8, and ends August 31, 20X8 totals $270,000. Tuition is billed and is due at the beginning of the session term. How much revenue should

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f_zah1

Charges for tuition for the current semester of a local college totaled $300,000

Charges for tuition for the current semester of a local college totaled $300,000

Charges for tuition for the current semester of a local college totaled $300,000. Academic scholarships were awarded to students in the amount of $25,000 and tuition waivers were given to children of employees in the amount of $10,000. The college sh

goji.go   365   1 Reply

f_zah1

A government university’s tuition and fees at the standard rates are $20 million

A government university’s tuition and fees at the standard rates are $20 million

A government university’s tuition and fees at the standard rates are $20 million. Scholarship allowances of $1,500,000 are granted to students by the university and tuition waivers for employees granted under the university’s tuition waiver policy ar

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f_zah1

Which of the following statements are true regarding life income gifts?

Which of the following statements are true regarding life income gifts?

Which of the following statements are true regarding life income gifts?
A.   Require the amount of the payment to the beneficiary to vary based on the earnings of the trust.
B.   Require a fixed-dollar payment to be made annually to a designate

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f_zah1

Governmental universities typically report as A.General purpose governments. B.

Governmental universities typically report as A.General purpose governments. B.

Governmental universities typically report as
A.   General purpose governments.
B.   Special purpose governments engaged in only business-type activities.
C.   Special purpose governments engaged in only governmental activities.
D.   Priv

goji.go   207   1 Reply

f_zah1

A nongovernment, not-for-profit organization received $5,000,000 of unconditiona

A nongovernment, not-for-profit organization received $5,000,000 of unconditiona

A nongovernment, not-for-profit organization received $5,000,000 of unconditional pledges during 2013 that had not been collected by year end. In its 2013 statement of activities, the organization should recognize
A.   No revenues, but should repo

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f_zah1

A nongovernment, not-for-profit environmental organization conducts a mailing ab

A nongovernment, not-for-profit environmental organization conducts a mailing ab

A nongovernment, not-for-profit environmental organization conducts a mailing about the dangers of global warming. Included in the mailing is a request for donations. How should this activity be reported be in the statement of activities?
A.   Fun

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f_zah1

A nongovernment not-for-profit organization statement of activities reports A.O

A nongovernment not-for-profit organization statement of activities reports A.O

A nongovernment not-for-profit organization statement of activities reports
A.   Only changes in unrestricted net assets.
B.   Only changes in unrestricted net assets that are revenues, expenses, gains, or losses.
C.   Changes in both unrest

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f_zah1

Which of the following financial statements is not required for all nongovernmen

Which of the following financial statements is not required for all nongovernmen

Which of the following financial statements is not required for all nongovernment not-for-profit organizations?
A.   Statement of net assets.
B.   Statement of activities.
C.   Statement of cash flows.
D.   Statement of functional expense

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f_zah1

Which of the following financial statements is only required for nongovernment v

Which of the following financial statements is only required for nongovernment v

Which of the following financial statements is only required for nongovernment voluntary health and welfare organizations?
A.   Statement of net assets.
B.   Statement of activities.
C.   Statement of cash flows.
D.   Statement of functio

goji.go   222   1 Reply

f_zah1

Land valued at $100,000 was donated to a not-for-profit organization. The donati

Land valued at $100,000 was donated to a not-for-profit organization. The donati

Land valued at $100,000 was donated to a not-for-profit organization. The donation came with no restrictions. The organization's management decided to hold the land for resale and use the proceeds to establish a reserve for future capital needs.

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f_zah1

A nongovernment not-for-profit organization received a cash donation of $100,000

A nongovernment not-for-profit organization received a cash donation of $100,000

A nongovernment not-for-profit organization received a cash donation of $100,000 restricted for a specific operating purpose. Only $20,000 of expenses related to the specific operating purpose was incurred during the current year. How should this act

goji.go   464   1 Reply

f_zah1

A nongovernment not-for-profit organization received a cash donation of $100,000

A nongovernment not-for-profit organization received a cash donation of $100,000

A nongovernment not-for-profit organization received a cash donation of $100,000 restricted for a specific operating purpose. Only $20,000 of the donation was spent during the current year. How should the donation be reported be in the statement of a

goji.go   253   1 Reply

f_zah1

A nongovernment not-for-profit organization received a cash donation restricted

A nongovernment not-for-profit organization received a cash donation restricted

A nongovernment not-for-profit organization received a cash donation restricted for construction of a new building. How should the donation be reported be reported in the statement of cash flows?
A.   Cash inflows from operating activities.
B

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f_zah1

Investment earnings of $1,250 were earned on restricted investments. The earning

Investment earnings of $1,250 were earned on restricted investments. The earning

Investment earnings of $1,250 were earned on restricted investments. The earnings are to be used for various research projects during the current year. The earnings would be reported as
A.   Unrestricted revenues.
B.   Temporarily restricted r

goji.go   390   1 Reply

f_zah1

In 20X8 the following pledges were made: $35,000 in unrestricted contributions f

In 20X8 the following pledges were made: $35,000 in unrestricted contributions f

In 20X8 the following pledges were made: $35,000 in unrestricted contributions for use in 20X8; $20,000 in contributions restricted for use in 20X9; and a $400,000 contribution restricted for the establishment of a permanent endowment.  It is an

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f_zah1

How should a nongovernment not-for-profit organization generally report increase

How should a nongovernment not-for-profit organization generally report increase

How should a nongovernment not-for-profit organization generally report increases in the fair value of marketable debt securities in its statement of activities?
A.   Such increases in fair value should not be reported because debt securities are

goji.go   244   1 Reply

f_zah1

Computer equipment used in the business office of a not-for-profit organization

Computer equipment used in the business office of a not-for-profit organization

Computer equipment used in the business office of a not-for-profit organization was sold for $9,000. The original cost of the equipment had been $21,000 and there was $15,000 of accumulated depreciation as of the date of sale. How will the gain be re

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f_zah1

With respect to collections, nongovernment not-for-profit organizations are A.

With respect to collections, nongovernment not-for-profit organizations are A.

With respect to collections, nongovernment not-for-profit organizations are
A.   Required to capitalize all collections.
B.   Prohibited from capitalizing collections.
C.   Required to either capitalize all collections or to capitalize no c

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f_zah1

Which fund used by colleges and universities is most like a local government's g

Which fund used by colleges and universities is most like a local government's g

Which fund used by colleges and universities is most like a local government's general fund?
A.   Unrestricted current fund.
B.   Restricted current fund.
C.   Unexpended plant fund.
D.   Agency funds.

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f_zah1

Which measurement focus is used by governmental universities that report as a bu

Which measurement focus is used by governmental universities that report as a bu

Which measurement focus is used by governmental universities that report as a business-type special purpose government?
A.   Cash measurement focus.
B.   Current financial resources measurement focus.
C.   Economic resources measurement focu

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f_zah1

Which of the following statements are true?

Which of the following statements are true?

Which of the following statements are true?
A.   All colleges and universities report under the same GAAP guidelines.
B.   Private colleges and universities must report using FASB guidance. Public colleges and universities are permitted to foll

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f_zah1

Which of the following is true for a nongovernment, not-for-profit organization?

Which of the following is true for a nongovernment, not-for-profit organization?

Which of the following is true for a nongovernment, not-for-profit organization?
A.   Revenues and expenses may be reported in changes in unrestricted net assets.
B.   Revenues and expenses may be reported in changes in temporarily restricted n

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f_zah1

Nongovernment, not-for-profit organizations use the following classifications to

Nongovernment, not-for-profit organizations use the following classifications to

Nongovernment, not-for-profit organizations use the following classifications to report expenses in the statement of activities
A.   Unrestricted, temporarily restricted, and permanently restricted.
B.   Operating and nonoperating.
C.   Mana

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f_zah1

What costs may be deducted directly from revenues instead of being reported with

What costs may be deducted directly from revenues instead of being reported with

What costs may be deducted directly from revenues instead of being reported with the as other expenses?
A.   Direct costs of special fund raising events.
B.   Expenses for benefits provided in exchange for membership dues.
C.   Fund raising

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f_zah1

Nongovernment not-for-profit organizations recognize revenues when A.Pledges ar

Nongovernment not-for-profit organizations recognize revenues when A.Pledges ar

Nongovernment not-for-profit organizations recognize revenues when
A.   Pledges are measurable and available.
B.   Unconditional pledges become due.
C.   Unconditional pledges are made by donors, even if not yet collected.
D.   Unconditio

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f_zah1

Pledges should be reported by a nongovernment not-for-profit organization as rev

Pledges should be reported by a nongovernment not-for-profit organization as rev

Pledges should be reported by a nongovernment not-for-profit organization as revenues in the period that they are unconditionally received
A.   By the organization.
B.   By the organization if the pledges are unrestricted.
C.   By the organi

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f_zah1

The net realizable value or present value of unrestricted pledges receivable out

The net realizable value or present value of unrestricted pledges receivable out

The net realizable value or present value of unrestricted pledges receivable outstanding at the end of a year for a nongovernmental not-for-profit organization are
A.   Always considered unrestricted net assets.
B.   Always considered temporar

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f_zah1

Fund-raising expenses are classified as A.Program services expenses. B.Support

Fund-raising expenses are classified as A.Program services expenses. B.Support

Fund-raising expenses are classified as
A.   Program services expenses.
B.   Supporting services expenses.
C.   Management and general expenses.
D.   Nonoperating expenses.

goji.go   292   1 Reply

f_zah1

Membership dues of nongovernment, not-for-profit organizations are A.Always tre

Membership dues of nongovernment, not-for-profit organizations are A.Always tre

Membership dues of nongovernment, not-for-profit organizations are
A.   Always treated as exchange transactions and reported as revenues.
B.   Always treated as contribution revenues.
C.   Permitted to be reported either as exchange revenues

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f_zah1

Special fund-raising events of a nongovernment, not-for-profit organization A.

Special fund-raising events of a nongovernment, not-for-profit organization A.

Special fund-raising events of a nongovernment, not-for-profit organization
A.   Must always be reported as revenues and at gross amounts.
B.   Must always be reported as gains and at net amounts.
C.   Must be reported as revenues at gross

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f_zah1

The line item, net assets released from restrictions, may be reported in a nongo

The line item, net assets released from restrictions, may be reported in a nongo

The line item, net assets released from restrictions, may be reported in a nongovernment, not-for-profit organization's statement of activities in which classifications?
A.   Changes in unrestricted net assets only.
B.   Changes in unrestr

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f_zah1

The statement of net assets for a nongovernment nonprofit organization would rep

The statement of net assets for a nongovernment nonprofit organization would rep

The statement of net assets for a nongovernment nonprofit organization would report the following components of net assets except
A.   Unrestricted net assets.
B.   Temporarily restricted net assets.
C.   Net investment in capital assets.

goji.go   277   1 Reply

f_zah1

The board of directors of a nongovernmental not-for-profit organization voted to

The board of directors of a nongovernmental not-for-profit organization voted to

The board of directors of a nongovernmental not-for-profit organization voted to designate $100,000 of its unrestricted net assets to be used for its permanent endowment. Which of the following best describes the accounting and financial reporting im

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f_zah1

A private school is given $40,000 to permanently endow one of its education prog

A private school is given $40,000 to permanently endow one of its education prog

A private school is given $40,000 to permanently endow one of its education programs. A debit of $40,000 should be made to
A.   Cash.
B.   Unrestricted cash.
C.   Temporarily restricted cash.
D.   Cash restricted for endowment.

goji.go   234   1 Reply

f_zah1

A nongovernment voluntary health and welfare organization received unrestricted

A nongovernment voluntary health and welfare organization received unrestricted

A nongovernment voluntary health and welfare organization received unrestricted cash donations of $23,000 for the current year, $30,000 of donations to be used for the following year, and a $100,000 donation to establish a permanent investment endowm

goji.go   271   1 Reply

f_zah1

A not-for-profit organization receives donated supplies valued at $40,000 in Jun

A not-for-profit organization receives donated supplies valued at $40,000 in Jun

A not-for-profit organization receives donated supplies valued at $40,000 in June.  As of the fiscal year end December, 31, 20X3, the organization had used 25% of the materials. The organization should report
A.   Restricted contributions of

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f_zah1