Q1: A non-profit university has $1,000,000 in assets and $250,000 in liabilities. Which of the following is correct?

A- Shareholder's equity is $750,000

B- Fund balance is $1,000,000

C- Net Assets is $750,000

D- Net position is $750,000

Q2: For a fiscal year starting on July 1, 2020, a Not-for-profit health care organization started operations. The organization only had the following: a) received a donation of $10,000,000 that can only be used for a new hospital wing; b) received a donation of $5,000,000 that can be used for anything, and c) had expenses of $3,000,000, and none of the expenses is for the hospital wing. Which of the following is correct?

A- Retained earnings balance is $12,000,000

B- Temporary restricted assets is $10,000,000

C- Net assets without restrictions is $5,000,000

D- Net assets with restrictions is $10,000,000

Q3: Seaside Church received a donation of marketable equity securities from a member of the church. The Church's accountant has determined that the securities have appreciated during the accounting year. At what amount should Seaside report the marketable equity securities in the year-end Statement of Financial Position?

A- Donors cost B- Market value at the balance sheet date C- Market value at the date of receipt

D- The lower of the donors cost or the market value at the date of receipt

Q4: As of Fiscal Year 2022, for a non for profit, which of the following items is not required to be a completely separate financial statement (and could be included with other statements)?

A- Statement of financial position

B- Statement of functional expense

C- Statement of cash flows

D- Statement of operations

Q5: A not for profit hospital receives $15,000 worth of medical essential supplies as a donation. How should the hospital record he donation? The supplies cost the person donating the supplies $10,000. The hospital uses the supplies that year.

A- Not record and not put into footnotes

B- only list in the footnotes

C- Recognize revenue of $15,000 and expense of $15,000

D- Recognize revenue of $10,000 and expense of $10,000

Please answer all questions.