1. City Hospital receives $10,000 worth audit services from an accounting firm at no cost. The firm would normally charge $10,000. City Hospital should record a cost and revenue for the donated services. T/F.
2. ALL CAPS U receives a donation of $100,000 that can only be used for a library. This will increase net assets without donor restriction. T/F
3. ALL CAPS U receives a donation of $1,000,000 that can permanently only be used for scholarships (endowment fund). This would be in the operating cash flow statement. T/F
4. ALL CAPS U received $100,000 from a loan. This would be in financing, other financing sources.
5. A statement of functional expenses is a required separate statement for non-profits, and cannot be part of another statement T/F.
6. ALL CAPS U spends $1,000 on fund-raising expenses, including letters to request donations. This would be a program expense T/F