A-18 A-18 What determines the classification ofrestricteddonations inaccounting?a) Donor's expressed intentb) Management's plansc) Time of receiptd) Board designationnon-profit

Option a: This option is correct because in non-profit accounting, the classification of restricted…

Answered: A-18 What determines the classification…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 29P

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E 19-4 Multiple choice Which of the following is not a governmental fund? Special revenue fund Debt service fund Trust fund General fund Which of these funds generally follows the accrual basis of accounting? General fund Internal service fund Debt service fund Special revenue fund Which of the following funds will report fixed assets in the fund financial statements? General fund Special revenue fund Debt service fund None of the above Which of the following funds would not be included in governmental fund financial statements? Debt service fund General fund Pension trust fund Permanent fund Which of the following funds would be used to account for an activity that provides goods or services to other funds? General fund Enterprise fund Debt service fund Internal service fund
A Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements? Statement of financial position and statement of activities Statement of financial position, statement of activities, and statement of cash flows Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses Statement of financial position, statement of activities, and statement of functional expenses Choose one
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Which of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.
Which of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No No
Amounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributions
Which of the following statements is prepared by all not-for-profit organizations? O Statement of changes in net position. O Both Statement of financial position and Staternent of changes in net position. O Statement of financial position. O Statement of revenues, expenses, and changes in net position.
Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrances
7-16. A successful businessperson in the community has contacted the Moose County Board of Commissioners about donating income-producing securities to the County to support a particular activity. Under the agreement, the County would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred in 2024: 1. Securities, which had an original cost of $4,250,000, were donated to the County on January 1. The fair value of the securities at that date was $5,846,000, including • Corporate equities of $2,830,000. • Corporate bonds of $3,000,000. • Accrued interest receivable on the bonds of $16,000. 2. During the year, the fund received $180,000 in interest payments on the bonds. At the end of the year, accrued interest on the bonds totaled $16,500. 3. During the year, the fund received dividends on the corporate equities of $76,500. 4. During the year, the fund paid $222,000 supporting activities identified in the trust agreement…
Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all. Transaction Answer 1. Legally restricted gains. 2. Expenses reported by functional classification. 3. Contributions of services that do not create or enhance nonfinancial assets or require special skills. 4. Costs of collection items not capitalized by the NFP. 5. Board-designated endowment. 6. Expenses reported by natural classification. 7. Conditional promise to give if the barrier has not been overcome. 8. Unconditional promises to give cash with amounts due in future periods. 9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset. 10. Investment return on a donor-restricted
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A-18 What determines the classification of restricted donations in accounting? a) Donor's expressed intent b) Management's plans c) Time of receipt d) Board designation non-profit