A non-profit university has $1,000,000 in assets and $250,000 in liabilities. Which of the following is correct?

Question 2 options:

	Shareholder's equity is $750,000
	Fund balance is $1,000,000
	Net Assets is $750,000
	Net Position is $1,000,000

Question 3 (5 points)

For a fiscal year starting on July 1, 2020, a Not-for-profit health care organization started operations. The organization only had the following: a) received a donation of $10,000,000 that can only be used for a new hospital wing; b) received a donation of $5,000,000 that can be used for anything, and c) had expenses of $3,000,000, and none of the expenses is for the hospital wing. Which of the following is correct?

Question 3 options:

	Retained earnings balance is $12,000,000
	Temporarily Restricted Assets is $10,000,000
	Net Assets without Restrictions is $5,000,000
	Net Asset with Restrictions is $10,000,000

Question 4 (5 points)

Seaside Church received a donation of marketable equity securities from a member of the church. The Church's accountant has determined that the securities have appreciated during the accounting year. At what amount should Seaside report the marketable equity securities in the year-end Statement of Financial Position?

Question 4 options:

	Donor's cost.
	Market value at the balance sheet date
	Market value at the date of receipt
	The lower of the donor's cost or the market value at the date of receipt.

Question 5 (5 points)

As of Fiscal Year 2020, for a non for profit, which of the following items is not required to be a completely separate financial statement (and could not be included with other statements)?

Question 5 options:

	Statement of Financial Position
	Statement of Functional Expense
	Statement of Cash Flows
	Statement of Operations

Question 6 (5 points)

How does a health care organization account for services provided for charity care?

Question 6 options:

	Charitable care policies are disclosed in the notes of the financial statement
	Recorded as revenues and the costs are expensed
	Recorded as an increase to net assets
	Not recorded or disclosed in any way

Question 7 (5 points)

A not for profit hospital receives $15,000 worth of medical essential supplies as a donation. How should the hospital record he donation? The supplies cost the person donating the supplies $10,000. The hospital uses the supplies that year.

Question 7 options:

	Not record and not put into footnotes
	Only list in footnotes
	Recognize revenue of $15,000 and expense of $15,000
	Recognize revenue of $10,000 and expense of $10,000

Question 8 (5 points)

Public colleges and universities follow __________ guidelines while private not-for-profit colleges and universities follow ________ guidelines

Question 8 options:

	FASB, FASB
	FASB, GAO
	GASB, FASB
	FASB, GASB

Question 9 (5 points)

Is there any difference between financial statements before 2018 and after the period starting December 15, 2018 (i.e., before ASUsNo. 2016-14)?

Question 9 options:

	Only minor changes, and the difference between assets / liabilities would be the same
	Many changes, including a new method for showing net assets and underwater endowments clarification, as well as information about functional expenses
	Only change relates to having two categories of net assets, and functional expenses will not change.
	No changes

Question 10 (5 points)

Joe Smith provided a donation of $1,000,000 in stock to ALL CAPS U, a non-profit. The stock is worth $1,200,000 at end of ALL CAPS U fiscal year (9/30/2021). What is the value of the stock in the asset section of ALL CAPS U as of 9/30/2021?

Question 10 options:

	1,000,000
	0
	200,000
	$1,200,000

Question 11 (5 points)

Which has the proper order for lines in the Statement of Net Position for a non for profit for calendar year 2021?

Question 11 options:

	Cash, buildings, accounts payable, bond payable, temporarily restricted assets
	Cash, buildings, accounts payable, bond payable, net assets with donor restrictions
	Buildings, cash, accounts payable, net assets with donor restrictions
	Cash, buildings, bonds payable, wages payable, net assets with donor restrictions

Question 12 (5 points)

In 2021, Bob donates $1,000,000 for funds for a non-profit hospital, and the amounts will only be used for construction (and maintenance) of a new wing. Also, all interest will only be used for the building and maintenance of the new wing. This would be listed as an (a) __ and would be in the __ section of the financial statement.

Question 12 options:

	Donor-restricted Endowment fund, permanently restricted net assets
	Quasi - Endowment, with donor restrictions
	Donor-restricted Endowment fund, with donor restrictions
	Permanent fund, with donor restrictions

Question 13 (5 points)

Acme University, a non-profit, gets a donation of $1,000,000 from donors who received nothing in return. Also, donors gave $20,000, and in return got football tickets worth $5,000. What is contribution revenue, if the above are the only contributions

Question 13 options:

	0
	1,020,000
	1,015,000
	1,000,000

Question 14 (5 points)

The only activity in Fiscal Year 2021 for a non-profit fraternity was the following: received a donation of $5,000 that can be used for anything; received a donation of $300,000 that can only be used (as well as the interest) for buying a fraternity house; and took out a loan for $50,000. All amounts were in cash. What is the cash flow from financing?

Question 14 options:

	300,000
	355,000
	0
	350,000

Question 15 (5 points)

Seniors Moving, a non-profit, had the following: contributions of $200,000; stamps and paper to send to donors to request more money, $20,000; salaries for case works that help senior citizens (for Seniors Moving's mission), $150,000; various gifts to donors, $30,000. What amount would be program expenses? Would Senior Movers have to show information in a separate statement of functional expenses (yes), or could show program/support in another report (No)?

Question 15 options:

	$200,000, Yes
	150,000, No
	$200,000, No
	$150,000, Yes

Question 16 (5 points)

Two different non-profits, Silver Seniors and Helping Heroes, receive donations of art work.

Silver Seniors has a policy to publicly show the art work, care for the artwork and if the art work is sold, buy more artwork with proceeds from selling the art work

Helping Heroes will care for the art work, but will use funds (from selling the art work) for mission needs (and not necessarily buy more art work).

Helping Heroes gets art work donations worth $2,000 (FMV) that cost the donor $1,500.

Silver Seniors gets art work donations worth $1,000 (FMV) that cost the donor $500.

How would they record?

Question 16 options:

	Helping Heroes, donation of $2,000; Silver Seniors, not record
	Helping Heroes, not record; Silver Seniors donation $1,000
	Helping Heroes, $1,000, Silver Seniors not record
	Helping Heroes, $1,500, Silver Seniors donation of $500

Question 17 (5 points)

In 2020, ALL CAPS U gets a donation of $100,000 that can only be used to buy a building, gets various donations that can be used for anything (total $500,000), gets $125,000 from a bond, buys a building for $100,000 and buys a wing for the building for $50,000. All of these items are paid in cash. What are the cash flows from investing and financing?

Question 17 options:

	Investing - 500,000; financing, 0
	Investing - (150,000); financing 225,000
	Investing (150,000) - financing 100,000
	Investing 350,000; financing 100,000

Question 18 (5 points)

Acme Federation, a not for profit, has the following activities in a new year (all in cash):

-Purchased art work for $50,000, and the art work will be maintained, cared, and if sold, would buy more art work.

-Paid employees $200,000

-Spent $100,000 on mission-related expenses

-Issued a bond for $200,000

-Bought a building for $250,000

-Received $310,000 in donations that can be used for anything

Question 18 options:

	Operating (40,000); investing (250,000); financing 200,000
	Operating 10,000; investing (300,000); financing 200,000
	Operating 10,000; investing (100,000); financing 0.00
	Operating $110,000; investing (50,000); financing 200,000

Question 19 (5 points)

Acme Temple, a new non-profit, receives three donations 2020. Mr. Smith gives $100,000 in cash, though Mr. Smith stated that Acme Temple cannot use the funding until Acme gest 100 families to become

Members. At the end of 2020, Acme has 80 families as members. Mr. Bern makes a pledge of 200,000 (but does not provide cash) if the temple raises $8,000 from its members in 2020. Acme members

Donated $500 in 2020. Mr. Cash donates $500,000 in cash that can be used for anything. Based on the donations, what is the change for net assets without donor restrictions and for

Liabilities on these amounts?

Question 19 options:

	Net Assets without donor restrictions, 500,000; liability, $0
	Net Assets without donor restrictions, 500,000; liability, $100,000
	Net Assets without donor restrictions, 600,000; liability, $100,000
	Net Assets without donor restrictions, 700,000; liability, $100,000

Question 20 (5 points)

SK Hospital, a non for profit, has the following:

- Net Patient Service Revenue is $6,000,000

-contractual adjustments of $1,000,000

What is gross patient revenue?

Question 20 options:

	6,000,000
	6,400,000
	1,000,000
	7,000,000