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matching amount? a) When the pledge is made. b) When the cash is received. c) When the matching funds have been raised. d) When the

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matching amount? a) When the pledge is made. b) When the cash is received. c) When the matching funds have been raised. d) When the project is completed. 40. A NFP maintains an endowment of S5 million, the income from which must be used for research. In a particular year, the endowment had income of $100,000, all of which was expended in accordance with the donoe's specifications. The expense should be reported as a decrease in: a) Permanently restricted net assets b) Temporarily restricted net assets c) Unrestricted net assets d) Any of the above. 41. Which Fiduciary fund always has a zero balance in its Net Asscts? a) Pension Fund b) Agency Fund c) Private-Purpose Fund d) Investment-Trust Fund 42. Two atorneys volunteer at a NFP organization. One served as a member of the NFP board of directors. During the year, she attended 20 hours of meetings. The other drew up a lease for the NFP's office rental space. He spent 5 hours on the project. The billing rate of both attorneys is $200 per hour. In the year in which the services were provided, the NFP shoald recognize revenues from contribuned services of a) so b) $1,000 c) 54,00 d) $5,000 43. How many reports are required under the Single Audit Act? a) One b) Two c Four d) Six 44. Which of the following groups is responsible for administering the Single Audit a) OMB b) GAO c) AICPA d) State Boards of Accountancy

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