non govt accounting please confirm if the answers are correct
TRUE/FALSE 1. Private not-for-profit organization must report depreciation. 2. A not-for-profit organization cannot report a pledge as revenue until it receives the contribution. F dk 3. The GAO reports to the legislative branch (Congress) of federal government. 4. Most government keep two "sets of books", one fore fund statements and the other for Government Wide statements? 5. In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor- imposed restrictions; however, all the expenses should be reported as decreases in unrestricted net assets. 46. Contributed services liy Not-for-profits Board members can never be recorded as 1954 was passed to eliminate the costly practice of requiring veral program in which an organization participated. spar L e B all expenses. e rtha lloner Bois Bureau, non-program expenses for NFPs (administrative and d-raising coenses) should be less than 15% of all expenses. The default presentation method for displaying component units is the discrete methodT 4 10. Non-major funds are never shown in the financial section of the CAF X 11 FASB and GASB recommend that entities capitalize their art collections and most entities do not 12. All type A programs of a local government are required to be audited under the Single Audit Act. Multiple Choice 13. Which of the following is not included in the statistical section of the CAPRI hinacity Required Supplemental Information TRUE/FALSE 1. Private not-for-profit organization must report depreciation. 2. A not-for-profit organization cannot report a pledge as revenue until it receives the contribution. F dk 3. The GAO reports to the legislative branch (Congress) of federal government. 4. Most government keep two "sets of books", one fore fund statements and the other for Government Wide statements? 5. In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor- imposed restrictions; however, all the expenses should be reported as decreases in unrestricted net assets. 46. Contributed services liy Not-for-profits Board members can never be recorded as 1954 was passed to eliminate the costly practice of requiring veral program in which an organization participated. spar L e B all expenses. e rtha lloner Bois Bureau, non-program expenses for NFPs (administrative and d-raising coenses) should be less than 15% of all expenses. The default presentation method for displaying component units is the discrete methodT 4 10. Non-major funds are never shown in the financial section of the CAF X 11 FASB and GASB recommend that entities capitalize their art collections and most entities do not 12. All type A programs of a local government are required to be audited under the Single Audit Act. Multiple Choice 13. Which of the following is not included in the statistical section of the CAPRI hinacity Required Supplemental Information
