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9 ) According to the FASB, how should unrealized gains on the investment portfolio of a not - for - profit organization be recognized? A
According to the FASB, how should unrealized gains on the investment portfolio of a notforprofit organization be recognized?
A Not recognized.
B Reported in the net asset section of the balance sheet.
C Reported according to whether the gains relate to trading, or heldtomaturity assets.
D Reported on the statement of activities.
In the current year, the notforprofit organization Save the Butterflies Foundation received cash of $ to be used as the Foundation wishes and $ to be used for butterfly research. Save the Butterflies also received pledges of $ that it can use as it wishes and $ for its building fund. All pledges are expected to be received next year. How much would Save the Butterflies report as contributions with donor restrictions in the current year?
A $
B $
C $
D $
For financial reasons, two notforprofit hospice organizations hospices A and B decided to combine to form a new notforprofit organization. As a result of the combination, the assets and liabilities of the combined hospice were reported at the amounts that had been previously reported by A and B on their financial statements. Under the FASB, the combining of hospices A and B would be classified as which of the following?
A Merger.
B Consolidation.
C Acquisition.
D Component unit.
The board of directors for a nongovernmental notforprofit organization decided to designate $ each year for the next three years to fund a special research project it was planning to conduct at the end of the threeyear period. How would these boarddesignated resources be reported on the statement of financial position?
A Net assets with donor restrictions.
B Net assets without donor restrictions.
C Internal payable.
D The resources would not be reported on the statement of financial position.
The Uniform Prudent Management of Investment Funds Act UPMIFA provides rules on the use and reporting of:
A Revenues.
B Endowment assets.
C Cash.
D Liabilities.
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