What are the three categories of net assets required by GAAP in reporting a not-for-profit organization?

A) Unrestricted, Temporarily Restricted, and Permanently Restricted

B) Unrestricted, Restricted, and Fund Balance

C) Restricted, Permanently Restricted, and Fund Balance

D) Unrestricted, Temporarily Restricted, and Fund Balance

E) None of the above

24. The following gifts are received in Year One by a not-for-profit organization:I. $2,000 specified by the donor to be used to pay salaries.II. $10,000 for new conference room furniture.III. $5,000 to be held for one year before being expended.The salaries are paid in Year Two and the conference room furniture is purchased in Year One. 24. How much should be shown as increases as Temporarily Restricted Net Assets in Year One?

A) $2,000

B) $7,000

C) $12,000

D) $15000

E) $17,000

25. A gift to a not-for-profit school that is not restricted by the donor is credited to:

A) Fund Balance

B) Deferred Revenues

C) Contribution Revenues

D) Nonoperating Revenues

E) Encumbrances

26. When a person dies without leaving a valid will, how is the distribution of his or her property determined?

A) In accordance with federal inheritance laws

B) In accordance with generally accepted accounting principles

C) In accordance with a plan developed by the executor of the estate

D) In accordance with state inheritance laws

E) In accordance with common law

27. A demonstrative legacy is a

A) gift of personal property that is directly identified

B) cash gift from a particular source

C) gift of estate property that remains after carrying out the other provisions of the will

D) gift of real property

E) gift of intangible property

28. In a will, a devise is a

A) gift of personal property that is directly identified

B) cash gift from a particular source

C) gift of estate property that remains after carrying out the other provisions of the will

D) gift of real property

29. Executor's fees and court costs for settling an estate usually

A) must be apportioned between the principal and the income of the estate

B) are adjustments to the principal of the estate

C) are adjustments to the income of the estate

D) are subtracted from life insurance proceeds

30. In an executor's accounting for an estate, debts and other obligations are recorded

A) at book value

B) at fair value

C) on the date of payment

D) as soon as they are discovered

E) only if they are past due

31. A testamentary trust is a trust

A) intended to protect the assets of a minor

B) that is managed by the trustor

C) that is managed by an estate

D) established by a living person

E) established by a will

32. The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my savings account; and to my Daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000. The gift to David is a

A) general legacy

B) specific legacy

C) demonstrative legacy

D) residual legacy

E) devise

33. The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my savings account; and to my Daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000. How much would James have received from the estate?

A) $50,000

B) $40,000

C) $25,000

D) $45,000

E) $30,000

In statistical inference for categorical data, Normal data is always a condition for inference. O Normal data or large enough total sample size is one of the inference assumptions. ) Normal data is never one of the inference assumptions In the chi-square test for two-way tables, the null hypothesis states that O the two categorical variables studied are independent in the population O the population variances are all different O the population means are all equal O the population variances are all equal O the population means are all different O the two categorical variables studied are not independent in the populationWhen we make inferences about ONE POPULATION PROPORTION, what assumptions do we need to make? Mark all that apply. a. Counts of successes and failures at least 15 each. b. The data must have a Normal Distribution. c. Data is quantitative. d. Counts of successes and failures at least 5 each. e. Data is categorical. f. Sample Size is 30 or more. g. Data must be from a simple random sample.Player LeBron Kobe Steph Michael Others James Bryant Curry Jordan NBA 20% 30% 15% 19% 16% Percentages Observed 23 28 10 15 11 Counts Michael wants to carry out a statistical inference procedure for this scenario using the X"-distribution. Which of the following conditions must be met? (Select all that apply.) There must be at least 10 successes and 10 failures for each level of the categorical variable. There must be an expected count of at least 5 for each level of the categorical variable. The sample size must be at least 30 or the population data must be normally distributed. The difference in all calculated proportions must be at least 5. The observations must be independent. There must be at least 3 levels of the categorical variable