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The FASB has the authority to set accounting standards for all of the following organizations except: Multiple Choice Trade associations. For profit hospitals. Political parties. City owned hospital. Which of the following is true regarding the Statement of Financial Position for nongovernmental, not-for-profit organizations? Multiple Choice The Statement must display assets and liabilities separated between the categories of net assets with or without donor restrictions, The Statement must display totals for residual equity separated between the categories of net assets with or without donor restrictions. Both of the choices are true. O Neither of the choices is true. Which of the following is not correct with respect to the reporting of expenses for a private not-for-profit? Multiple Choice Expenses are reported by function in the Statement of Activities or in the notes. Expenses can be reported in the with or without donor restrictions net asset class, as appropriate. The FASB describes functions as either program or supporting. Major program classifications should be shown in the Statement of Activities or in the notes. The FASB requires that expenses of not-for-profit organizations be reported according to function. Which of the following are FASB required function categories? Multiple Choice Capital and Noncapital Related. Program and Supporting Services Operating and Nonoperating. Operating, Investing and Financing. In 2020, a major drug company agreed to give a not-for-profit private college $420,000 to perform testing of a new drug. An advance payment of $335,000 was received in 2020. The college was to receive $1,500 per individual test. In 2020, the college completed 160 tests. How much revenue should the college report for 2020? Multiple Choice $335,000 O O $420,000. O $240,000. d $495.000