Queens Library, an independent not-for-profit entity received $30 value of the portfolio during the year was $8,000. How much should the entity report as investment at the A. $8,000 B. 552,000 C. $54,000 D. $60,000 11. A Voluntary Health & Welfare NFP would include which of the following financial statements in its ba financial statements? A. Statement of financial position and statement of activities. B. Statement of financial position, statement of activities, and statement of cash flows. C. Statement of financial position, statement of activities, statement of cash flows, and statement of D. Statement of financial position, statement of activities, and statement of functional expenses. 12. McDonald House, a NFP 501c, received $1,000,000 worth of Amazon Stocks from Google, which is reste Me toys' purchase for children were ved 10,000, odlicate in which categories this flow would be reported McDonald House's statement of cash flows. A. Cash Flows from Operating Activities B. Cash Flows from Investing Activities C. Cash Flows from Financing Activities D. Cash Flows from Non-Capital related Financing Activities E. Cash Flows from Capital related Financing Activities 13. YMCA, a summer camp for disadvantaged youth, benefits from the services of four physicians, cach of spends two weeks at the camp providing medical services to the campers. The doctors receive free room board but no salary from the Camp. Camp association standards require that a camp of YMCA's size ci- a physician on premises or have a physician on call. How much net revenue should the Camp recognize A. None; B. Fair market value of the physicians' Room and Board; C. Fair market value of the physicians 'service; D. Difference between the fair market value of the physicians' service and the cost of the room and boe 14. Upon meeting with the executive director of the Domestic Violence Victims Advocacy Group, the pres Trump foundation agreed to contribute in the following year $100,000 in support of the group's propos program to provide legal assistance to victims of violent. Suppose that the foundation's formal letter de its pledge as "We are pleased to pledge $100,000 upon your developing a new program to provide lege assistance to victims of violent." How much revenue should the Advocacy Group recognize at the year the pledge? A. 0 B. $100,000 in unrestricted fund; C. $100,000 in temporary restricted fund; 3. Aber graduating from Queens College's Governmental and NFP Accounting, you were hired as Water President Trump is interested in your input for the following article and the Agency's Net Cost Projection for TY 2020 if all activities remain the same as FY 2018 Statement of Net Cost for FY 2018 is attached for your reference: "Washington, DC (December 2, 2019) - in celebration of the upcoming Chinese Lunar New Year, the Bureau of Engraving and Printing (BEP) is pleased to announce the newest addition to its Lucky Money Collection - Year of the Rat 2020 Therar is one of 12 zodiac signs associated with the Chinese Lunar Calendar and symbolizes optimism and symbolic red folder with embossed, gold foil This product features an uncirculated, S1 Federal Reserve note with a serial number beginning with "8858." The first day of sale is Wednesday, December 11, 2018 at 12p.m. (ET). The purchase price is $5.95, only 108.888 will be available for sale Household quantity purchase imit restrictions of 250 units will be imposed for the first day of release. On December 12, 2019, household purchase restrictions will be waived. You advice Trump that the issuing of the Lucky Money - Year of the Rat 2020 will have the following strategic impact to the Agency's Net Cost of FY 2020 if some or all 105,858 are sold today *A. Increase the Net Cost of the Department of the Treasury B. Decrease the Net Cost of the Department of Treasury C. Increase the Net Cost of the Office of Management and Budget D. Decrease the Net Cost of the Office of Management and Budget 6. Trump sets up victims of immigrant crime' office to stoke fears about immigrants. Which accounting rule and fund should be used to account for transactions incurred by the new office? A. FASB, General fund B. FASAB, Special funds C. FASAB, Trust funds D. GASB, Revolving funds 7. The Financial Report of the United States, which includes the financial statements for the U.S. Government are audited by the following agencies The Accountability Office (GAO) B. The Department of the Treasury C. The Office of Management and Budget (OMB) 8. The general fund contracts with a construction firm to build an Afghan and Iraqi war memorial based on a design selected by The Afghan and Iraqi War Veterans Commission. The estimated cost of the project is $3.5 million. The general fund makes a $750,000 progress payment on the Afghan and Iraqi War Memorial contract. 1. Stewardship asset increased by $750,000 on Balance sheet B. Stewardship asset expense increased by $750,000 at the Statement of Net Cost and also be referenced on the balance sheet without assigned dollar value C. Stewardship asset should be disclosed in notes to basic financial statements only 9. 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 expenses should be reported as increases in unrestricted nct assets. A True B. False Queens Library, an independent not-for-profit entity received $30 value of the portfolio during the year was $8,000. How much should the entity report as investment at the A. $8,000 B. 552,000 C. $54,000 D. $60,000 11. A Voluntary Health & Welfare NFP would include which of the following financial statements in its ba financial statements? A. Statement of financial position and statement of activities. B. Statement of financial position, statement of activities, and statement of cash flows. C. Statement of financial position, statement of activities, statement of cash flows, and statement of D. Statement of financial position, statement of activities, and statement of functional expenses. 12. McDonald House, a NFP 501c, received $1,000,000 worth of Amazon Stocks from Google, which is reste Me toys' purchase for children were ved 10,000, odlicate in which categories this flow would be reported McDonald House's statement of cash flows. A. Cash Flows from Operating Activities B. Cash Flows from Investing Activities C. Cash Flows from Financing Activities D. Cash Flows from Non-Capital related Financing Activities E. Cash Flows from Capital related Financing Activities 13. YMCA, a summer camp for disadvantaged youth, benefits from the services of four physicians, cach of spends two weeks at the camp providing medical services to the campers. The doctors receive free room board but no salary from the Camp. Camp association standards require that a camp of YMCA's size ci- a physician on premises or have a physician on call. How much net revenue should the Camp recognize A. None; B. Fair market value of the physicians' Room and Board; C. Fair market value of the physicians 'service; D. Difference between the fair market value of the physicians' service and the cost of the room and boe 14. Upon meeting with the executive director of the Domestic Violence Victims Advocacy Group, the pres Trump foundation agreed to contribute in the following year $100,000 in support of the group's propos program to provide legal assistance to victims of violent. Suppose that the foundation's formal letter de its pledge as "We are pleased to pledge $100,000 upon your developing a new program to provide lege assistance to victims of violent." How much revenue should the Advocacy Group recognize at the year the pledge? A. 0 B. $100,000 in unrestricted fund; C. $100,000 in temporary restricted fund; Queens Library, an independent not-for-profit entity received $30 value of the portfolio during the year was $8,000. How much should the entity report as investment at the A. $8,000 B. 552,000 C. $54,000 D. $60,000 11. A Voluntary Health & Welfare NFP would include which of the following financial statements in its ba financial statements? A. Statement of financial position and statement of activities. B. Statement of financial position, statement of activities, and statement of cash flows. C. Statement of financial position, statement of activities, statement of cash flows, and statement of D. Statement of financial position, statement of activities, and statement of functional expenses. 12. McDonald House, a NFP 501c, received $1,000,000 worth of Amazon Stocks from Google, which is reste Me toys' purchase for children were ved 10,000, odlicate in which categories this flow would be reported McDonald House's statement of cash flows. A. Cash Flows from Operating Activities B. Cash Flows from Investing Activities C. Cash Flows from Financing Activities D. Cash Flows from Non-Capital related Financing Activities E. Cash Flows from Capital related Financing Activities 13. YMCA, a summer camp for disadvantaged youth, benefits from the services of four physicians, cach of spends two weeks at the camp providing medical services to the campers. The doctors receive free room board but no salary from the Camp. Camp association standards require that a camp of YMCA's size ci- a physician on premises or have a physician on call. How much net revenue should the Camp recognize A. None; B. Fair market value of the physicians' Room and Board; C. Fair market value of the physicians 'service; D. Difference between the fair market value of the physicians' service and the cost of the room and boe 14. Upon meeting with the executive director of the Domestic Violence Victims Advocacy Group, the pres Trump foundation agreed to contribute in the following year $100,000 in support of the group's propos program to provide legal assistance to victims of violent. Suppose that the foundation's formal letter de its pledge as "We are pleased to pledge $100,000 upon your developing a new program to provide lege assistance to victims of violent." How much revenue should the Advocacy Group recognize at the year the pledge? A. 0 B. $100,000 in unrestricted fund; C. $100,000 in temporary restricted fund; 3. Aber graduating from Queens College's Governmental and NFP Accounting, you were hired as Water President Trump is interested in your input for the following article and the Agency's Net Cost Projection for TY 2020 if all activities remain the same as FY 2018 Statement of Net Cost for FY 2018 is attached for your reference: "Washington, DC (December 2, 2019) - in celebration of the upcoming Chinese Lunar New Year, the Bureau of Engraving and Printing (BEP) is pleased to announce the newest addition to its Lucky Money Collection - Year of the Rat 2020 Therar is one of 12 zodiac signs associated with the Chinese Lunar Calendar and symbolizes optimism and symbolic red folder with embossed, gold foil This product features an uncirculated, S1 Federal Reserve note with a serial number beginning with "8858." The first day of sale is Wednesday, December 11, 2018 at 12p.m. (ET). The purchase price is $5.95, only 108.888 will be available for sale Household quantity purchase imit restrictions of 250 units will be imposed for the first day of release. On December 12, 2019, household purchase restrictions will be waived. You advice Trump that the issuing of the Lucky Money - Year of the Rat 2020 will have the following strategic impact to the Agency's Net Cost of FY 2020 if some or all 105,858 are sold today *A. Increase the Net Cost of the Department of the Treasury B. Decrease the Net Cost of the Department of Treasury C. Increase the Net Cost of the Office of Management and Budget D. Decrease the Net Cost of the Office of Management and Budget 6. Trump sets up victims of immigrant crime' office to stoke fears about immigrants. Which accounting rule and fund should be used to account for transactions incurred by the new office? A. FASB, General fund B. FASAB, Special funds C. FASAB, Trust funds D. GASB, Revolving funds 7. The Financial Report of the United States, which includes the financial statements for the U.S. Government are audited by the following agencies The Accountability Office (GAO) B. The Department of the Treasury C. The Office of Management and Budget (OMB) 8. The general fund contracts with a construction firm to build an Afghan and Iraqi war memorial based on a design selected by The Afghan and Iraqi War Veterans Commission. The estimated cost of the project is $3.5 million. The general fund makes a $750,000 progress payment on the Afghan and Iraqi War Memorial contract. 1. Stewardship asset increased by $750,000 on Balance sheet B. Stewardship asset expense increased by $750,000 at the Statement of Net Cost and also be referenced on the balance sheet without assigned dollar value C. Stewardship asset should be disclosed in notes to basic financial statements only 9. 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 expenses should be reported as increases in unrestricted nct assets. A True B. False Queens Library, an independent not-for-profit entity received $30 value of the portfolio during the year was $8,000. How much should the entity report as investment at the A. $8,000 B. 552,000 C. $54,000 D. $60,000 11. A Voluntary Health & Welfare NFP would include which of the following financial statements in its ba financial statements? A. Statement of financial position and statement of activities. B. Statement of financial position, statement of activities, and statement of cash flows. C. Statement of financial position, statement of activities, statement of cash flows, and statement of D. Statement of financial position, statement of activities, and statement of functional expenses. 12. McDonald House, a NFP 501c, received $1,000,000 worth of Amazon Stocks from Google, which is reste Me toys' purchase for children were ved 10,000, odlicate in which categories this flow would be reported McDonald House's statement of cash flows. A. Cash Flows from Operating Activities B. Cash Flows from Investing Activities C. Cash Flows from Financing Activities D. Cash Flows from Non-Capital related Financing Activities E. Cash Flows from Capital related Financing Activities 13. YMCA, a summer camp for disadvantaged youth, benefits from the services of four physicians, cach of spends two weeks at the camp providing medical services to the campers. The doctors receive free room board but no salary from the Camp. Camp association standards require that a camp of YMCA's size ci- a physician on premises or have a physician on call. How much net revenue should the Camp recognize A. None; B. Fair market value of the physicians' Room and Board; C. Fair market value of the physicians 'service; D. Difference between the fair market value of the physicians' service and the cost of the room and boe 14. Upon meeting with the executive director of the Domestic Violence Victims Advocacy Group, the pres Trump foundation agreed to contribute in the following year $100,000 in support of the group's propos program to provide legal assistance to victims of violent. Suppose that the foundation's formal letter de its pledge as "We are pleased to pledge $100,000 upon your developing a new program to provide lege assistance to victims of violent." How much revenue should the Advocacy Group recognize at the year the pledge? A. 0 B. $100,000 in unrestricted fund; C. $100,000 in temporary restricted fund