ace acount title "Net Assets Released from Restriction" is reported as a Revenue account. A. Suspense account (similar to a contra-revenue), C. Expense account. D. Contra-expense account. 9. The characteristic that most clearly distinguishes a contribution from an exchange transaction is which of the following? A. Cash is always received B. An exchange transaction is a reciprocal transfer of resources. C. An exchange transaction is a nonreciprocal transfer of assets. D. There are always restrictions attached to use of the assets received as a result of a contribution. 10. At the end of the year, Cosby University's held assets of $15,000,000 and $9,000,000 of liabilities (including deferred revenues of $300,000). What is Cramer's net assets balance? A. $5,700,000 B. $6,000,000 C. $6,300,000 D. $15,000,000 11. Which of the following accounts is classified as an operating statement account rather than a budgetary (control) account? A. Expenditures. B. Estimated Other Financing Uses. C. Appropriations. D. Encumbrances 12. FASB requires external financial reports of non-profit organizations to provide information about A. Donor-imposed restrictions on resources. B. All restrictions on resources. C. Donor and creditor restrictions on resources. D. Board-designated restrictions on resources 13. The Expenditures account of a governmental unit is increased when: A purchase order is The budget is recorded approved a) No b) No No c) Yes Yes d) Yes Yes No 14. Brownville adopted its budget for the fiscal year ending June 30 with $5,000,000 for estimated revenues. Actual revenues for the year were $4,900,000. In closing the budgetary accounts for the year: A. Revenues Control will be debited for $100,000. B. Estimated Revenues Control will be debited for $100,000. C. Revenues Control will be debited for $4,900,000. D. Estimated Revenues Control will be credited for $5,000,000