Question

1. In a nonprofit, nongovernmental hospital, courtesy allowances are

   		charity care services.
   		revenue deductions.
   		expenses.
   		revenues earned even if the standard charge is above or below the allowance.

3.75 points   

QUESTION 3

1. The key focus of government fund accounting concerns

   		the current ability to provide and fund services and goods.
   		capital expenditures.
   		income measurement.
   		intergovernmental transfers from the general fund.

3.75 points   

QUESTION 4

1. Voluntary health and welfare organizations

   		are supported by, and provide voluntary services to, the public.
   		may not have paid executives or staff.
   		are governed by separate GASB statements.
   		use fund accounting, following the rules for proprietary fund reporting.

3.75 points   

QUESTION 5

1. An alumnus made a donation of adjoining land to a not-for-profit, nongovernmental university. The donor made no specifications regarding the time period or use of the land. The university would record the gift as

   		unrestricted revenue.
   		permanently restricted support.
   		an endowment asset.
   		temporarily restricted revenue.

3.75 points   

QUESTION 6

1. Which one of the following statements is  NOT required for voluntary health and welfare organizations?

   		A statement of changes in net assets
   		A statement of functional expenses
   		A statement of activities
   		A statement of financial position

3.75 points   

QUESTION 7

1. A donor gives a Voluntary Health and Welfare Organization (VHWO) $1,000 cash that is restricted for a research project. What account does the VHWO credit when the VHWO receives the money?

   		Temporarily Restricted Support
   		Permanently Restricted Revenue
   		Nonoperating Revenue
   		Unrestricted Support

3.75 points   

QUESTION 8

1. The gift shop of a nonprofit, private hospital has cash revenue of $24,000. What account will the hospital credit?

   		Temporarily restricted revenue
   		Unrestricted revenue
   		Other operating revenue - unrestricted
   		Unrestricted support

3.75 points   

QUESTION 9

1. The modified accrual basis of accounting is used for

   		proprietary funds.
   		enterprise funds.
   		internal service funds.
   		governmental funds.

3.75 points   

QUESTION 10

1. For a Voluntary Health and Welfare Organization, what entry is prepared when the restriction on a cash donation is met?

   		Debit Unrestricted Fund Balance, Credit Restricted Fund Balance
   		Debit Restricted Fund Balance, Credit Unrestricted Fund Balance
   		Debit Temporarily Restricted Net Assets - Reclassifications out, Credit Unrestricted Net Assets - Reclassifications in
   		Debit Unrestricted Net Assets, Credit Restricted Net Assets

3.75 points   

QUESTION 11

1. Government-wide financial statements include a

   		balance sheet, an income statement, and a statement of cash flows.
   		statement of activities and a statement of cash flows.
   		statement of net position and a statement of activities.
   		statement of net assets, a statement of activities, and a statement of cash flows.

3.75 points   

QUESTION 12

1. A comprehensive annual financial report has the following three major sections:

   		transmittal, financial, and management's discussion and analysis.
   		introductory, financial, and management's discussion and analysis.
   		introductory, financial, and statistical.
   		transmittal, financial, and statistical.

3.75 points   

QUESTION 13

1. An alumnus of a nonprofit, nongovernmental university establishes an endowment of $50,000. When the university receives the endowment from the donor, what account will the university credit?

   		Permanently restricted support
   		Temporarily restricted revenues
   		Permanently restricted revenues
   		Temporarily restricted support

3.75 points   

QUESTION 14

1. When examining revenue transactions, which of the following transactions is classified as an exchange transaction?

   		When a homeowner pays property taxes
   		When a university receives a federal grant that mandates a certain type of research activity
   		When an aquatic center receives cash for a group swim
   		When an employer deducts money for state tax withholding

3.75 points   

Answer 1

Dear student, as per HomeworkLib policy, only first four questions should be answered. Please make a note of it.

Part 2

Answer is option B

B. revenue deductions.

Because curtsey allowance doesn’t fall under any expenses and it is subtracted from revenue.

Part 3

Answer is option A

A. the current ability to provide and fund services and goods.

As the accounting fund would be strong and properly managed, it will give more chance to invest in various places and generate more money and there will be more chances to provide wages for services and goods.

Part 4

Answer is option A

A. are supported by, and provide voluntary services to, the public.

These organizations get various donations from capable and kind people. From these funds, they generate the resources and services for the betterment of the society in need.

Part 5

Answer is option A

A. unrestricted revenue.

Because donor has not specified the purpose and place of use for that gift. That is why university can use it according to its needs and time.