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If you have difficulty answering the following questions, learn more about this topic by reading our Nonprofit Accounting (Explanation).
Classifying expenses into program activities and supporting activities is known as the _______________ basis.
Reporting expenses by categories such as salaries, rent, utilities, etc. is known as the _______________ basis.
Depreciation expense is reported for a not-for-profit organization's equipment and furniture.
Assets released from restrictions will involve two classes of net assets.
A nonprofit's expenses are reported as part of the changes in ___________________ net assets.
Normally the principal portion of an endowment will be classified as _________________ net assets.
A nonprofit organization's assets that have been designated by its board of directors for a specific project should be reported on the external financial statements as__________________ net assets.
Which form of financing is allowed for a nonprofit organization?
US GAAP requires that the external financial statements of a nonprofit report information by funds.
Nonprofits are automatically exempt from federal income taxes.
It is permissible for a nonprofit to earn a profit.
Contributions and net assets are restricted by the nonprofit organization's
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