27 May Question Final Exam, comprehensive 107 points total
Question
Please use the Word template provided to complete and submit the test. Good luck!!
1. Not-for-profit health care organization financial statements include a
| a. | Statement of Cash Flows | c. | Statement of Revenues, Expenses, and Changes in Fund Balance |
| b. | Statement of Activities | d. | Statement of Budget to Actual |
2. Not-for-profit health care organization financial statements include a
| a. | Statement of Net Assets | c. | Statement of Operations |
| b. | Statement of Activities | d. | Statement of Budget to Actual |
3.A not-for-profit health care organization Statement of Operations displays the
| a. | cash balance at the end of the year | c. | net cash used by operating activities |
| b. | amount of operating income | d. | classified net assets |
4. When the Allowance for Doubtful Accounts is adjusted, the expense is charged to
| a. | Charity Care | c. | Doubtful Account Expenses |
| b. | Provision for Bad Debts | d. | Reservation of Fund Equity |
5.Public colleges and universities follow accounting standards issued by
| a. | GASB | c. | AICPA |
| b. | FASB | d. | NACUBO |
6. GASB Statement No. 35 requires governmental colleges and universities to
| a. | follow the GASB Statement No. 34 financial reporting model | c. | use the 1995 AICPA Audits of Colleges and Universitiesfinancial reporting model |
| b. | produce a Statement of Operations | d. | only use the modified approach for infrastructure assets |
7. A college or university is classified as governmental if
| a. | the governing board is appointed by the college president | c. | the governing board is publicly elected |
| b. | the university pays corporate income taxes | d. | all of the above |
8. The Coleville Community College can levy taxes, issue tax-exempt debt and the governing board is publicly elected. The Coleville Community College is a
| a. | private not-for-profit organization | c. | business-type activity |
| b. | governmental organization | d. | both b and c are correct |
9. Governmental colleges and universities implementing GASB Statements No. 34 and 35 will
| a. | no longer use funds | c. | use invested in capital assets net of related debt, restricted and unrestricted net asset classes |
| b. | use restricted, unrestricted and temporarily restricted net asset classes | d. | none of the above |
10. Colleges and universities may elect to record transactions directly into net asset classes rather than
| a. | the Statement of Activities | c. | funds |
| b. | the Statement of Operations | d. | liabilities |
11. Governmental colleges and universities display student financial aid as a(n)
| a. | discount | c. | it is not displayed |
| b. | expense | d. | expenditure |
12. A public college provides scholarship assistance of $8,000,000 to its students. When the students register for classes the college applies $7,500,000 of the financial aid to their tuition and fee bills of $10,000,000 and students receive $500,000 in cash. The amount that will be recognized as tuition and fee revenue by the college is
| a. | $10,000,000 | c. | $2,500,000 |
| b. | $2,000,000 | d. | $9,500,000 |
13. A public university bills $80,000,000 in tuition and fees and provides $23,000,000 in financial aid. The university refunds in cash $800,000 of this financial aid directly to students.
What amount will the university report as tuition and fee revenue?
| a. | $80,000,000 | c. | $57,000,000 |
| b. | $79,200,000 | d. | $57,800,000 |
14. A public college has tuition and fee billings of $30,000,000 and provides $6,000,000 in financial aid to students. The students apply $5,200,000 of this financial aid to their tuition and fee bill and take the excess in cash. What amount is reported as an expense for financial aid?
| a. | $6,000,000 | c. | $800,000 |
| b. | $5,200,000 | d. | $6,800,000 |
15. A public college and university have tuition and fee revenue of $18,000,000 for the summer semester that bridges two fiscal years. Sixty percent of the instruction takes place in the next fiscal year and the university decides to allocate the revenue on that basis. The journal entry to record this transaction in the current fiscal year will include
| a. | $10,800,000 in revenue | c. | $10,800,000 in deferred revenue |
| b. | $18,000,000 in revenue | d. | $7,200,000 in deferred revenue |
16. A patron gets a call from the Metropolitan Opera Society and pledges $1,000 to be used for general operations. The Metropolitan Opera Society will record
| a. | Contribution Revenue – Unrestricted | c. | Contribution Revenue – Permanently Restricted |
| b. | Contribution Revenue – Temporarily Restricted | d. | nothing because it is only an oral pledge |
17. The Humane Society conducts a fund-raising drive by telephone and has total pledges of $55,000 and notes on other possible donors who were still considering making pledges of $8,000. What amount of contribution revenue will be recorded?
| a. | $55,000 | c. | $8,000 |
| b. | $63,000 | d. | Zero |
18. A donor makes a pledge to the zoo of $8,000 that will be paid in four installments of $2,000 each this year. The first installment of $2,000 is mailed in with the pledge card and the zoo will record
| a. | Contribution Revenue – Temporarily Restricted of $8,000 | c. | Contribution Revenue – Unrestricted of $2,000 |
| b. | Contribution Revenue – Temporarily Restricted of $6,000 | d. | both b and c |
19. A local charity received a $1,000 pledge that the donor agrees to pay next year. This is a(n)
| a. | unconditional, unrestricted contribution | c. | conditional, unrestricted contribution |
| b. | unconditional, restricted contribution | d. | conditional, restricted contribution |
20. A woman cleans out her attic and takes her thirty-year old clothes to her local Goodwill store. She estimates she could get $50 for these if she held a garage sale. The Goodwill store sorts the clothes and determines they cannot be used or sold and puts them in the pile that will go to the landfill. Goodwill should record
| a. | a loss equal to amount of the dumping fee | c. | nothing |
| b. | a $50 unrestricted contribution | d. | a $50 unrestricted contribution net of the dumping fee |
21. The League of Women Voters meets once a month in a conference room that is made available free by a local hotel and spends $25 for coffee and cookies at the hotel. The normal rental rate for this room is $150. The League will record
| a. | nothing | c. | $125 unrestricted contribution |
| b. | $150 temporarily restricted contribution | d. | $150 unrestricted contribution |
22. A local corporation provides blankets worth $5,000 during a winter blizzard to be handed out by the homeless shelter to the needy. The shelter will record
| a. | an unrestricted contribution of $5,000 | c. | a temporarily restricted contribution of $5,000 |
| b. | an asset and liability of $5,000 each | d. | none of the above |
23. A contributed service may be recognized as contribution revenue if it is a
| a. | service that helps the organization | c. | skill the organization normally purchases |
| b. | specialized skill possessed by the individual | d. | b and c |
24. A Certified Public Accountant provides 100 hours of free audit services to a local museum that is valued at $50 an hour and also helps out by spending 100 hours helping clean and landscape the grounds. The museum would record contribution revenue of
| a. | $5,000 | c. | zero |
| b. | $10,000 | d. | none of the above |
25. A sculpture worth $22,000 is donated to a botanical garden that has an outdoor sculpture park. The botanical garden has decided to capitalize their sculpture collection so the donation would be recorded as a
| a. | unrestricted contribution | c. | temporarily restricted contribution |
| b. | permanently restricted contribution | d. | invested in capital assets net of related debt |
26. A viewer makes a $100 pledge to the local public broadcasting station and receives a coffee mug valued at $2 in return. The station will record contribution revenue in the amount of
| a. | $100 | c. | $102 |
| b. | $98 | d. | zero |
27. Supporting services include
| a. | fund-raising activities | c. | management and general |
| b. | membership development | d. | all of the above |
28. Not-for-profit organizations record capital assets in the
| a. | capital asset account | c. | depreciation account |
| b. | property and equipment account | d. | net assets account |
29. Not-for-profit organizations classify net assets as
| a. | conditional or unconditional | c. | temporarily restricted, permanently restricted or unrestricted |
| b. | restricted or unrestricted | d. | restricted, unrestricted and invested in capital assets net of related debt |
30. Investment income or net appreciation generated from unrestricted donated assets should be reported
| a. | as a change in unrestricted net assets | c. | as a change in cash |
| b. | where the donor specified | d. | as a change in contributions |
31. FASB Statement No. 124 requires that losses on investments of a donor-restricted endowment fund will
| a. | reduce temporarily restricted net assets first | c. | reduce unrestricted net assets first |
| b. | reduce the endowment | d. | be charged off as an expense |
32. The basic financial statements for a not-for-profit opera society include a
| a. | Statement of Activities | c. | Statement of Budget to Actual |
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