20. Board designated funds should be accounted for as: A. net assets with donor restrictions. B….

20. Board designated funds should be accounted for as: A. net assets with donor restrictions. B. specific purpose funds. C. net assets without donor restrictions. D. none of these. 21. The basic financial statements for all NFPs include a: A. Balance sheet, Statement of cash flows, and Footnotes to the financial statements B. Statement of activities and Statement of cash flows C. Balance sheet and Statement of activities D. Statement of financial position, Statement of activities, Statement of cash flows, and Footnotes to the financial statements 22. A donor pledges $100,000 to the

20. Board designated funds should be accounted for as: A. net assets with donor restrictions. B. specific purpose funds. C. net assets without donor restrictions. D. none of these. 21. The basic financial statements for all NFPs include a: A. Balance sheet, Statement of cash flows, and Footnotes to the financial statements B. Statement of activities and Statement of cash flows C. Balance sheet and Statement of activities D. Statement of financial position, Statement of activities, Statement of cash flows, and Footnotes to the financial statements 22. A donor pledges $100,000 to the Shakespeare Foundation to be used only to support the summer Shakespeare Theateran event that has been held every summer for 38 years. This is an example of a A. Conditional Contribution. B. Contributions with donor restrictions. C. Contributions with no donor restrictions. D. A decrease in net assets. 23. The purpose of the reporting of functional expenses is to: A. Report on the net income of each program and the related direct and indirect expenses. B. Report on program expenses and supporting expenses. C. Report on the natural expenses (object-of-expense), as well as program and support functions expenses. D. Report on the cash flows of each program and that of supporting the programs. 24. Which of the following terms is used to indicate that a donor provided a gift with explicit instructions that the gift is to be used for a specific purpose by the not-for-profit but the entire amount may be spent right away? A. Net assets with donor restrictions. B. Permanently restricted net assets. C. Endowment assets. D. Net assets without donor restrictions. 25. The board of directors for a nongovernmental not-for-profit organization decided to designate $20,000 each year for the next three years to fund a special research project it was planning to conduct at the end of the three-year period. How would these board-designated resources be reported on the statement of financial position? A. Net assets with donor restrictions. B. Net assets without donor restrictions. C. Internal payable. D. The resources would not be reported on the statement of financial position. 26. A donor contributes a check for $1,000 to the CUNY Fund, a NFP. The donor did not stipulate what the contribution could be used for. The donation would: A. Be recorded as a pledge. B. Increase net assets without donor restrictions. C. Be recorded as exchange revenue. D. Increase net assets with donor restrictions. 27. All not-for-profits are required to report functional expenses in either a separate statement or in disclosure notes. Functional expenses: A. Report on the net income of each program and the related direct and indirect expenses. B. Report on program expenses and supporting expenses. C. Report on the natural expenses (object-of-expense), as well as program and support functions expenses. D. Report on the cash flows of each program and that of supporting the programs. 28. The guidance used comes from: A. The GASB. B. The FASB. C. The FASAB. D. None of the above. 29. For a notforby nongovernmental notforprofit organizations for financial reporting profit to exist, there has to be a(n): A. Donative mission. B. Inability to generate a profit. C. Taxpaying ability. D. Objective to serve the government. 30. The expenses of a nongovernmental NFP: A. Reduce net assets with donor restrictions. B. Include only program expenses. C. Reduce net assets without donor restrictions. D. None of the above.

Elite Writer Help
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.