(TCO A) Which of the following statements should be prepared by all not-for-profit organizations? (Points : 5)

(A) Statement of functional expenses (B) Statement of revenues, expenses, and changes in net position (C) Statement of financial position (D) Both A and B

Question 2. 2. (TCO B) Which of the following is not a characteristic of a fund as defined by GASB Standards? (Points : 5)

(A) An accounting entity. (B) A fiscal entity. (C) A segregated quantity of cash and other financial resources on deposit with a designated trustee. (D) A self-balancing set of accounts.

Question 3. 3. (TCO C) When the budget of a government is recorded and when appropriations exceeds estimated revenues, the budgetary fund balance account is (Points : 5)

(A) credited at the beginning of the year and debited at the end of the year. (B) credited at the beginning of the year and no entry is made at the end of the year. (C) debited at the beginning of the year and no entry is made at the end of the year. (D) debited at the beginning of the year and credited at the end of the year.