1. Consider FASB standards for reporting by private not-for-profit organizations and answer the following:

1. What are the financial reports required of all not-for-profits? What additional disclosures are required?
2. List the two classes of net assets.
3. Outline the accounting required for property and equipment, including those classified as collections.
4. Outline accounting and reporting for investments.

2.Consider FASBs 2018 guidelines for accounting for contributions and answer the following:

1. Identify the characteristics of exchange transactions and describe when revenue should be recognized.
2. Identify the characteristics of donor-imposed conditions and describe when revenue should be recognized.
3. Identify the characteristics of donor-imposed restrictions and describe when revenue should be recognized.