NFP

Question 1

What are the four statements for NFPs

Answer 1

Statement of Financial Position, Activities, Cash Flow, Financial expenses

Question 2

How are assets reported (NFP)

Answer 2

Net Assets with donor restrictions
Net assets without donor restriction
Summed = Net assets

Question 3

How are services contributed received (lawyer works for free to represent NFP)

Answer 3

Expense the value of the service and credit contribution

Question 4

What are operating inflows/outflows for NFPs

Answer 4

Inflows: Opearting inflows are contributions that can be spent on operating activities (without restriction)
Contributions designated by the board for long term use

Outflows: Expenses paid

Question 5

What are investing inflows/outflows for NFPs

Answer 5

Inflows: proceeds from sale of assets/investment

Outflow: payment for acquisition of assets/investment

Question 6

What are financing inflows/outflows for NFPs

Answer 6

Inflow: Contributions with donor restriction. Proceeds from loans Outflow:Repayments of loans, disbursements under split interest agreements.

Question 7

How are expenses classified NFP

Answer 7

As functional expenses and supporting activities

Question 8

What are functional expenses NFP

Answer 8

Operations that are directly involved in providing the services the NFP offers. Examples: Education, Patient Care, Research

Question 9

What are Supporting activities NFP

Answer 9

Management and general expenses
Fund raising