Question
Which of the following are typically included in the bank account reconciliation? Bank service charges Outstanding checks Deposits in transit All of the above Which
Which of the following are typically included in the bank account reconciliation?
Bank service charges
Outstanding checks
Deposits in transit
All of the above
Which of the following is included in the Statement of Activities?
Total fundraising expenses
Cash in back
Cash flows from investing activites
None of the above
Which of the following is an example of a source document?
Volunteer time sheet
Purchase order
Donor pledge card
All of the above
Costs of operating a vehicle for both program services and organization management should be included within which functional expense category?
Program services
Management & general
Allocate between program services and management & general on a reasonable basis
Fundraising
Which of the following is an example of an indirect cost that should be shared among functional expense categories
Salary and benefits of the executive director who spends time on program, management, and fundraising duties
An information packet to be distributed to program recipients
Costs of producing a brochure advertising the annual fundraising dinner
Costs of lunch for a board meeting
In December 2020, organization X, a nonprofit using a calendar fiscal year, received a grant of $10,000 with donor instructions that it is to be used for general operations in 2021. In which category of support should the grant be classified on Xs Statement of Activities for the year ending December 31, 2020?
Unrestricted contributions
Temporarily restricted contributions
Permanently restricted contributions
The grant funds should be reported as deferred revenue liability in the December 2020 financial statements and reclassified as an unrestricted contribution in 2021
Which of the following statements regarding a trial balance is true?
A trial balance must be prepared by a CPA
A trial balance is the last item performed in the bookkeeping cycle
A trial balance assures that the general ledger is in balance before creating any adjusting entries needed for financial statement preparation
None of the above
Which of the following should be charged to an expense account?
Purchase of property
Purchase of an office computer
Replacement of a vehicle engine and transmission
None of the above
Of the following statements regarding the chart of accounts is true. Which one is it?
Accounts are listed in alphabetical order
A properly designed chart of accounts helps assure appropriate and consistent classification of transactions
Designing the chart of accounts does not require any specialized accounting knowledge
A chart of accounts is not necessary with most software-based bookkeeping systems
All of the following statements about a contribution confirmation needed by a donor for tax reporting are correct except:
It may be sent by email
It should include the donors name, address, and separately list any single contribution of $250 or more
It must be sent by January 31 of the following year
It must state whether any goods or services were provided in exchange for the donation
Within which functional expense category should legal and accounting fees be classified?
Program services
Management & general
Fundraising
Allocate to each of the above categories on a reasonable basis
When possible, which of the following duties should NOT be performed by the bookkeeper, but should be done by someone else?
Preparing a purchase order
Approving an invoice for payment
Receiving a delivery of goods
All of the above
Which of the following sources of income are classified as a contribution (donation)?
A gift accompanied by restrictions as to its use
Program service revenue
Interest income
None of the above
Which of the following is an example of a poor internal control practice?
The bookkeeper stamps checks received with a restrictive endorsement at the time the bank deposit is prepared
The monthly bank account reconciliation is performed by the board treasurer
Checks must be signed by both the bookkeeper and treasurer
Both a and c
A donation of non-cash property is recorded at which of the following values?
The amount the donor paid for the property
The current fair market value of the property
Donations of non-cash property are not recorded on the books
Either a or b
Which of the following is not an example of an expense account?
Office supplies
Accounts payable
Depreciation
Bad debts
The balance of loans and other liabilities are presented on which of the following financial statements?
Statement of cash flows
Statement of activities
Statement of financial position
Statement of functional expenses
Which of the following statements about the IRS form 990 series is true?
The Form 990-N e-Postcard may be used by organizations with less than $50,000 of gross income
If the organization fails to file an appropriate form 990 for 3 consecutive years, it will automatically lose its tax-exempt status
Form 990 must be made available for public inspection
All of the above
Hands-on math: Please add the following dollar amounts and provide the correct total: 64.15 + 10,211.19 + 5.66 + 1,344,991.04 + 176.76 + 898.98 + 454.19 + 71.11 + 44,231.12 + 96,454.89 + 156.11 + 789.43 + 700.10 + 2,001,565.32
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started