Question : 68.FASB Statement 124, Accounting for Certain Investments of Not-for-Profit Organizations: A)Requires : 1255332

 

68.FASB Statement 124, Accounting for Certain Investments of Not-for-Profit Organizations:

A)Requires that investments in equity securities be carried at book value.

B)Requires that investments in debt securities be carried at fair value.

C)Requires that investments accounted for under the equity method be adjusted to fair value at the end of the accounting period.

D)Requires that investments in consolidated subsidiaries be reported as permanently restricted.

69.Contributed services are recognized as revenue for a private not-for-profit when the service:

A)Is related to administration and fund raising activities.

B)Requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation.

C)A and B are both required for the service to be recorded as revenue

D)None of the above, contributed services are not recorded as revenue

70.Which of the following organizations would be subject to the accounting and reporting requirements of FASB Statements 116 (Accounting for Contributions) and 117 (Financial Reporting for Not-for-Profit Organizations)?

A)The City of Hannibal Missouri.

B)St. Jude Children’s Hospital.

C)Both of the above.

D)Neither (a) or (b) above.

71.Which of the following organizations would be subject to the (level b) accounting and reporting requirements of the AICPA’s Audit and Accounting Guide: Not-for-Profit Organizations?

A)The International Brotherhood of Electrical Workers.

B)St. Jude Children’s Hospital.

C)Both of the above.

D)Neither (a) or (b) above.

72.Which of the following is not true regarding the treatment of multiyear pledges, according to FASB Statement 116?

A)They are recorded at the present value of future collections.

B)They should be reported net of an allowance for estimated uncollectibles.

C)They should be recorded as temporarily restricted.

D)At the end of each accounting period, the difference between the new and previously recorded present value is recorded as interest revenue.

73.If a donor selects a scholarship recipient, and then donates cash to a ballet school to fund that scholarship, the ballet school would:

A)Record a liability, as it is merely acting as an agent for the donation.

B)Record the donated cash as a contribution.

C)Record the scholarship awarded as a reduction of revenue.

D)Both B & C.

74.Which of the following is part of the treatment of multi-year pledges as required by FASB Statement No. 116?

A)The donation is recorded as a receivable at the present value of the future collections but revenue is not recorded until the pledge is received.

B)At the end of each accounting period, the difference between the balance in the receivable account and the new present value is deducted from the amount of the amount received from the donor which is recorded as income

C)At the end of each accounting period, the difference between the balance in the receivable account and the new present value is recorded as contribution revenue and the receivable is increased.

D)Pledge receivable is recorded for the total amount to be received and revenue is recorded each year as monies are received by the organization.

75.A civic ballet company sells 100  “Benefactor” status memberships for $1,000 each.  The Benefactors each receive a season ticket valued at $400, and a listing in the company’s program.  How would the ballet company record the sale of these 100 memberships?

A)Cash$100,000

Deferred Revenue$100,000

B)Cash – Restricted$  60,000

Cash – Unrestricted    40,000

Contributions – Restricted$  60,000

Revenue    40,000

C)Cash$100,000

Revenue$  40,000

Contributions – Restricted    60,000

D)Cash$100,000

Deferred Revenue$  40,000

Contributions – Unrestricted    60,000

 

76.Which of the following is true regarding the Statement of Financial Position for nongovernmental, not-for-profit organizations?

A)The Statement must display assets and liabilities separated between the categories of unrestricted, temporarily restricted, and permanently restricted.

B)The Statement must display totals for net assets separated between the categories of unrestricted, temporarily restricted, and permanently restricted.

C)   Both A & B above.

D)Neither A nor B above.

77.Which of the following is true regarding the Statement of Activities for nongovernmental, not-for-profit organizations?

A)FASB requires that the change in net assets be reported for each of the net asset classes and in total.

B)Expenses are reported as unrestricted, temporarily restricted or permanently restricted.

C)   Both A & B above.

D)Neither A nor B above. .

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more