32. 33. 34. 35. Which of the following statements is correct? A. Not for profit entities are required to report assets and liabilities as current and noncurrent on the statement of financial position. B. For the donor to receive a tax deduction for a charitable remainder trust, the trust must be irrevocable. C. A and B. D. Neither A nor B A nonprofit entity received three gifts during the year 2021: (a) $3,000, which may be used for any purpose at any time; (b) $5,000, which must be used for a special concert given for senior citizens; and (c) $1,000, which may be used for any purpose, but only in the year 2022. When it received the gifts, how should the entity classify them: A. $3,000 as contribution revenue-support without donor restrictions and $6,000 as contribution revenue-support with donor restrictions B. $4,000 as contribution revenue-support without donor restrictions and $5,000 as contribution revenue-support with donor restrictions. C. $8,000 as contribution revenue-support without donor restrictions and $1,000 as contribution revenue-support with donor restrictions D. $9,000 as contribution revenue-support without donor restrictions. Which of the following characteristics of a brochure prepared by a nonprofit is not relevant to whether the cost of the brochure can be allocated between program and fundraising functions? A. Page count. B. Content. C. Purpose. D. Audience. A nonprofit secondary school sent an 8-page brochure to the parents and alumni of the school. The brochure described the school's programs and discussed the achievements of some of its graduates. Five pages listed the names of all contributors during the previous year and the last page contained an appeal for funds. How should the school report the expense of printing and mailing the brochure? A. All costs should be reported as program expenses. B. All costs should be reported as fundraising expenses. C. The costs should be allocated between program and fundraising expenses, using appropriate accounting allocation techniques. D. All costs should be reported under a single caption "Program and fundraising expenses