Q6: Is there any difference between financial statements before 2018 and after the period starting December 15, 2018 (i.e., before ASUs No. 2016-14)?

A- Only minor changes, and the difference between assets / liabilities would be the same

B- Many changes, including a new method for showing net assets and underwater endowments clarification, as well as information about functional expenses

C- Only change relates to having two categories of net assets, and functional expenses will not change

D- no changes

Q7: Joe Smith provided a donation of $1,000,000 in stock to ALL CAPS U, a non-profit. The stock is worth $1,200,000 at end of ALL CAPS U fiscal year (9/30/2021). What is the value of the stock in the asset section of ALL CAPS U as of 9/30/2021?

A- 1,000,000 B- 0 C- 200,000 D- 1,200,000

Q8: In 2022, Bob donates $1,000,000 for funds for a non-profit hospital, and the amounts will only be used for construction (and maintenance) of a new wing. Also, all interest will only be used for the building and maintenance of the new wing. This would be listed as an (a) __ and would be in the __ section of the financial statement.

A- Donor-restricted Endowment fund, permanently restricted net assets

B- Quasi - Endowment, with donor restrictions

C- Donor-restricted Endowment fund, with donor restriction

D- Permanent fund, with donor restrictions

Q9: Acme Federation, a not for profit, has the following activities in a new year (all in cash):

-Purchased art work for $50,000, and the art work will be maintained, cared, and if sold, would buy more art work.

-Paid employees $200,000

-Spent $100,000 on mission-related expenses

-Issued a bond for $200,000

-Bought a building for $250,000

-Received $310,000 in donations that can be used for anything

A- Operating (40,000); investing (250,000); financing 200,000

B- Operating 10,000; investing (300,000); financing 200,000

C- Operating 10,000; investing (100,000); financing 0.00

D- Operating $110,000; investing (50,000); financing 200,000

Q10: SK Hospital, a non for profit, has the following:

- Net Patient Service Revenue is $6,000,000

-contractual adjustments of $1,000,000

What is gross patient revenue?

A- 6,000,000

B- 6,400,000

C- 1,000,000

D- 7,000,000

Please answer all questions.