TRUE/FALSE 1. Private not-for-profit organizations must report depreciation 2. A not-for-profit organization cannot report a pledge as revenue until it receives the contribution. 3. The GAO reports to the legislative branch (Congress) of federal government. 4. Most governments keep two "sets of books", one for Fund Statements and the other for Government-Wide Statements? 5. 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 decreases in unrestricted net assets. 6. Contributed services by Not-for-Profits Board members can never be recorded as contributions 7. The Single Audit Act of 1984 was passed to eliminate the costly practice of requiring separate audits for each federal program in which an organization participated. 8. Per the Better Business Bureau, non-program expenses for NFPs (administrative and fund raising expenses) should be less than 15% of all expenses. 9. The default presentation method for displaying component units is the discrete method. 10. Non-major funds are never shown in the financial section of the CAF 11. FASB ad GASB recommend that entities capitalize their art collections and most entities do not. 12. All type A programs of a local government are required to be audited under the Single Audit Act