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Flashcards in Mod 22 Key terms Deck (17):
0

Donor imposed conditions tell you...

When you book revenue

1

Donor imposed restrictions tell you...

How you book revenue

2

An activity is presumed to be fundraising, unless what 3 criteria are met?

1 purpose

2 audience

3 content

3

Criteria for allocation of fundraising:

Purpose

Activity has more than 1 purpose

Evidenced by whether compensation or fees for performing the
Activity of amount raised or performance of management + general
Activity

4

It looks better, when organization has more...

Expenses for program activities

5

Criteria for allocation of fundraising:

Audience

If the audience is selected on the basis of its likelihood to contribute
To the not for profit, this criterion is not met

6

Criteria for allocation of fundraising:

Content, in order for this criterion to be met...

The mailing or event must include a call to action other than raising money

Ex. Mailing from the American Cancer Society might call for recipients
To have regular checkups, exercise, and eat healthy

7

If the university provides a $2,000 scholarship based on grades and gets $8,000 in cash what is the journal entry for student tuition and fees?

Cash. 8,000
Revenue deduction-student scholarships. 2,000
Revenue-student tuition and fees. 10,000

8

What is the journal entry if the university provides $2,000 in graduate assistantships for service in the biology department and receives cash of $8,000?

Cash. 8,000
Expense-instruction (biology department). 2,000
Revenue- student tuition and fees. 10,000

9

For healthcare organization accounting-private sector:

Financial statements

1 balance sheet
2 statement of operations
3 statement of changes in net assets
4 cash flow statements
5 notes

10

Healthcare organization accounting-not for profit

Other revenues, gains and losses (included in operating revenues)4

1 investment income
2 fees from educational programs
3 proceeds from sale of cafeteria meals
4 proceeds from gift shop, parking lot revenue, etc.

11

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Equity transfers involving...3

1 Other entities that control the reporting entity or

2 are controlled by the Reporting entity or

3 are under control of reporting entity

12

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Receipt of...

Restricted contributions

13

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Contributions of (and assets released from donor restrictions related to)...

Long lived assets

14

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Unrealized gains and losses...

2) what's the exception

On investments not restricted by donors or by law

2) except for investments classified by trading securities

15

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Investment returns...



Restricted by donors or by law

16

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Other items that are required by GAAP to be...

2) 3 examples

Reported separately

1 extraordinary items
2 effect of discontinued operations
3 accounting changes