Non Profit Org
Quiz Non Profits Name_____________________________________________
1. FASB require the balance sheets of not-for-profits to display a) Net assets in four separate categories—unrestricted, temporarily restricted, permanently restricted, and restricted by creditors. b) Three separate funds—unrestricted, temporarily restricted, and permanently restricted net assets. c) Six totals—total assets, total liabilities, total net assets, total unrestricted net assets, total temporarily restricted net assets, and total permanently restricted net assets. d) Unrestricted, temporarily restricted, and permanently restricted retained earnings.
2. Revenues of a not-for-profit organization should be reported as a) Increases in one of the three categories of net assets. b) Increases in unrestricted net assets. c) Increases in temporarily restricted net assets. d) Increases in permanently restricted net assets.
3. The account title “Resources Released from Restriction” is reported by a ‘restricted fund’ as a a) Revenue account. b) Contra-revenue account. c) Expense account. d) Contra-expense account.
4. FASB requires that all not-for-profit organizations report expenses a) By object. b) By function. c) By natural classification. d) By budget code.
United Charities’ annual fund raising drive in 2010 raised pledges of $1,200,000 of which $800,000 were collected in 2010 and $200,000 were collected in 2011. United Charities estimates $150,000 of the remaining pledges will never be collected. 5. The increase in unrestricted net assets in 2010 as a result of the fund raising drive is a) $1,200,000. b) $1,050,000. c) $800,000. d) $250,000.
6. The increase in temporarily restricted net assets in 2010 as a result of the fundraising drive is a) $1,200,000. b) $1,050,000. c)
1. FASB require the balance sheets of not-for-profits to display a) Net assets in four separate categories—unrestricted, temporarily restricted, permanently restricted, and restricted by creditors. b) Three separate funds—unrestricted, temporarily restricted, and permanently restricted net assets. c) Six totals—total assets, total liabilities, total net assets, total unrestricted net assets, total temporarily restricted net assets, and total permanently restricted net assets. d) Unrestricted, temporarily restricted, and permanently restricted retained earnings.
2. Revenues of a not-for-profit organization should be reported as a) Increases in one of the three categories of net assets. b) Increases in unrestricted net assets. c) Increases in temporarily restricted net assets. d) Increases in permanently restricted net assets.
3. The account title “Resources Released from Restriction” is reported by a ‘restricted fund’ as a a) Revenue account. b) Contra-revenue account. c) Expense account. d) Contra-expense account.
4. FASB requires that all not-for-profit organizations report expenses a) By object. b) By function. c) By natural classification. d) By budget code.
United Charities’ annual fund raising drive in 2010 raised pledges of $1,200,000 of which $800,000 were collected in 2010 and $200,000 were collected in 2011. United Charities estimates $150,000 of the remaining pledges will never be collected. 5. The increase in unrestricted net assets in 2010 as a result of the fund raising drive is a) $1,200,000. b) $1,050,000. c) $800,000. d) $250,000.
6. The increase in temporarily restricted net assets in 2010 as a result of the fundraising drive is a) $1,200,000. b) $1,050,000. c)