The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.

a. What is the difference between exchange revenue and contributed revenue?

b. What is the significance of the statement of functional expenses?

c. What accounting is made when a private not-for-profit entity receives in-kind contributions?

d. What is the difference in net assets without donor restrictions and net assets with donor restrictions?

e. Under what conditions should a private not-for-profit entity record donated services?

f. What makes a contribution or a pledge conditional? How are conditional contributions and conditional pledges reported?

g. What reporting is appropriate for costs associated with direct mail and other solicitations that also contain educational materials?

h. A private not-for-profit entity received a gift of an art object. What are the two ways that this can be reported? How is the decision made as to the proper reporting?