Flashcards in Mod 22 Wrong Answers Deck (24):
According to FASB ASC 958, all expenses are reported as...
2) This means that expenses are...
Unrestricted on the statement of activities
2) deducted only from unrestricted revenues
Per FASB ASC 958, an entity need not recognize the contributions of works of art and historical artifacts if...
The collection is held for public exhibition,
rather than sold for profit, the items are used to acquire other
Items for collections
Expiration of donor imposed restrictions that simultaneously
Increase one class of net assets and decrease another should be reported as...
Reclassifications on the statement of activities
Reclassifications are reported as...
Net assets released from restrictions
When a time restriction on a donation expires...
Unrestricted net assets increase, while temporarily restricted net
Contributed services should be recognized if either of the 2 conditions are met
1 services create or enhance nonfinancial assets or
2 services required specialized skills, provided by individuals
Possessing those skills, and typically need to be purchased
A recipient organization that receives a contribution from a resource provider to report the contribution as an asset and a liability unless one of 2 conditions exist
1 recipient organization is granted variance power to redirect
2 recipient organization and the beneficiary are financially
According to the Not for Profit Guide, capital additions include...2
1 non expendable gifts restricted to endowment, plant or loan
2 legally restricted investment income in such funds
Donor restricted gifts for programs or supporting services are not...
According to the Not for Profit Guide, gifts in kind are...
Noncash assets received by not for profit organizations from
Gifts in kind are reported as agency transactions or as contributions depending on...
Extent of discretion that the nonprofit recipient has over the use
Or subsequent disposition of assets
Voluntary health and welfare organizations are categorized as not for profit nonbusiness oriented organizations that are covered by the...
AICPA Audit and Accounting Guide, Not for Profit Organizations
Nursing home, home health agencies and hospitals are all considered health care entities and are covered in the...
AICPA Audit and Accounting Guide, Health Care Organizations
The AICPA Audit and Accounting Guide, Health Care Organizations lists the items that must be reported separately from the performance indicator, these include...7
1 extraordinary items
2 items required by GAAP to be reported separately
3 equity transfers
4 receipt of restricted contributions
5 contributions of long lived assets
6 restricted investment returns
7 unrealized gains and losses of unrestricted investments (except
Premium revenue is included in...
AICPA Audit and Accounting Guide, Healthcare Organizations states that expenses may be reported on the face of financial statements using...
Either natural classification or functional classification
Not for Profit organizations that report using a natural classification
Of expenses are required to...
Disclose expenses by functional classification in the notes
According to the AICPA Audit and Accounting Guide, Health Care Organizations, "under provisions of continuing care contracts entered into by the CCRC and residents, nonrefundable advance fees represent payment for future services and should be accounted for as...
Donor contributions are reported separately from...
Net patient service revenue
According to the AICPA Audit and Accounting Guide, Health Care Organizations, expiration of donor restrictions on temporarily restricted net assets should be reported...
On the statement of operations as net assets released from
The use of a $20,000 contribution for research should be reported as...
2) where should this amount be included
Net assets released from restrictions
2) included in revenues, gains and other support on statement of
Operations and performance indicator (on statement of operations)
The use of a $100,000 contribution to acquire a capital asset placed into service during the year , when the non profit does not have a time restriction on the gifts of long lived assets, is reported as...
Net assets released from restrictions on the current years statement
The use of a restricted contribution to purchase long lived assets should be reported...
After the performance indicator on the statement of operations