Question 1 of 15 1 Point

Jason gives a cash gift to a political party he supports for the upcoming elections for whatever
purpose the party spends the money. The political party should record the gift as a temporarily
restricted contribution since elections have not yet taken place.

Select the correct response:

True

e False

Question 2 of 15 1 Point

The unconditional promise of Shelby to give money to a fraternal nonprofit organization would be
recognized as revenue in the period the promise is received.

Select the correct response:

@ True

False

Question 3 of 15 1 Point

Donated services (organizing webinars) of CPA officers to their professional organization, PICPA,
would be accounted for as unrestricted contributions.

Select the correct response:

@ True

False

This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
 Question 4 of 15 1 Point

For a professional organization, a statement of changes in net assets is required.

Select the correct response:

True

@ False

Question 5 of 15 1 Point

Contributions with time restriction are credited to a deferred revenue account of a nonprofit
organization until the time has elapsed.

Select the correct response:

True

@ False

Question 6 of 15 1 Point

Works of art intended for a display collection are not subject to depreciation.

Select the correct response:

e@ True

False

This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
 Question 7 of 15 1 Point

Management Discussion and Analysis is a required external financial statement of a trade

association.

Select the correct response:

True

e False

Question 8 of 15 1 Point

Contributed services performed by persons not having specialized skills are not recognized in the
financial statements.

Select the correct response:

@ True

False

Question 9 of 15 1 Point

Board-designated funds are reported in the statement of activities as a separate net asset.

Select the correct response:

True

® False

This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
 Question 10 of 15 1 Point

When the purpose restriction on a charitable donation is satisfied, net assets released from
restrictions would be also be reflected on the statement of cash flows.

Select the correct response:

® True

False

Question 11 of 15 1 Point

Contributions of services that enhance financial assets are recognized in the statement of activities
of a nonprofit organization.

Select the correct response:

@ True

False

Question 12 of 15 1 Point

A historical society received as a gift, several old pictures of the downtown area 80 years ago. It has
been determined that that the pictures have historical and educational use. The pictures are
suitable for display , and no alternative use exists. The historical society could capitalize the
contribution since it is deemed to have historical and educational value.

Select the correct response:

True

e False

This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
 Question 13 of 15 1 Point

Depreciation expense is not recognized by a professional organization.

Select the correct response:

True

e False

Question 14 of 15 1 Point

An unconditional transfer of cash to a religious organization by a wealthy member would be

accounted for as unrestricted contribution.

Select the correct response:

® True

False

This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
 This study source was downloaded by 100000768535709 from CourseHero.com on 12-18-2022 08:00:25 GMT -06:00

https://www.coursehero.com/file/127590728/12pdf/
Powered by TCPDF (www.tcpdf.org)