The following questions concern the accounting principles and procedures applicable to a private not-for-profit organization. Write answers to each question.
a. What is the difference between revenue and public support?
b. What is the significance of the statement of functional expenses?
c. What accounting process does the organization use in connection with donated materials?
d. What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?
e. Under what conditions should the organization record d.onated services?
f. What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?
g. A not-for-profit organization receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the organization affected?
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