Question
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below
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In a nonprofit, nongovernmental hospital, courtesy allowances are
charity care services.
revenue deductions.
expenses.
revenues earned even if the standard charge is above or below the allowance.
3.75 points
QUESTION 3
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The key focus of government fund accounting concerns
the current ability to provide and fund services and goods.
capital expenditures.
income measurement.
intergovernmental transfers from the general fund.
3.75 points
QUESTION 4
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Voluntary health and welfare organizations
are supported by, and provide voluntary services to, the public.
may not have paid executives or staff.
are governed by separate GASB statements.
use fund accounting, following the rules for proprietary fund reporting.
3.75 points
QUESTION 5
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An alumnus made a donation of adjoining land to a not-for-profit, nongovernmental university. The donor made no specifications regarding the time period or use of the land. The university would record the gift as
unrestricted revenue.
permanently restricted support.
an endowment asset.
temporarily restricted revenue.
3.75 points
QUESTION 6
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Which one of the following statements is NOT required for voluntary health and welfare organizations?
A statement of changes in net assets
A statement of functional expenses
A statement of activities
A statement of financial position
3.75 points
QUESTION 7
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A donor gives a Voluntary Health and Welfare Organization (VHWO) $1,000 cash that is restricted for a research project. What account does the VHWO credit when the VHWO receives the money?
Temporarily Restricted Support
Permanently Restricted Revenue
Nonoperating Revenue
Unrestricted Support
3.75 points
QUESTION 8
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The gift shop of a nonprofit, private hospital has cash revenue of $24,000. What account will the hospital credit?
Temporarily restricted revenue
Unrestricted revenue
Other operating revenue - unrestricted
Unrestricted support
3.75 points
QUESTION 9
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The modified accrual basis of accounting is used for
proprietary funds.
enterprise funds.
internal service funds.
governmental funds.
3.75 points
QUESTION 10
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For a Voluntary Health and Welfare Organization, what entry is prepared when the restriction on a cash donation is met?
Debit Unrestricted Fund Balance, Credit Restricted Fund Balance
Debit Restricted Fund Balance, Credit Unrestricted Fund Balance
Debit Temporarily Restricted Net Assets - Reclassifications out, Credit Unrestricted Net Assets - Reclassifications in
Debit Unrestricted Net Assets, Credit Restricted Net Assets
3.75 points
QUESTION 11
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Government-wide financial statements include a
balance sheet, an income statement, and a statement of cash flows.
statement of activities and a statement of cash flows.
statement of net position and a statement of activities.
statement of net assets, a statement of activities, and a statement of cash flows.
3.75 points
QUESTION 12
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A comprehensive annual financial report has the following three major sections:
transmittal, financial, and management's discussion and analysis.
introductory, financial, and management's discussion and analysis.
introductory, financial, and statistical.
transmittal, financial, and statistical.
3.75 points
QUESTION 13
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An alumnus of a nonprofit, nongovernmental university establishes an endowment of $50,000. When the university receives the endowment from the donor, what account will the university credit?
Permanently restricted support
Temporarily restricted revenues
Permanently restricted revenues
Temporarily restricted support
3.75 points
QUESTION 14
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When examining revenue transactions, which of the following transactions is classified as an exchange transaction?
When a homeowner pays property taxes
When a university receives a federal grant that mandates a certain type of research activity
When an aquatic center receives cash for a group swim
When an employer deducts money for state tax withholding
3.75 points
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