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Nonprofit (Not-for-Profit) AccountingPrint
If you have difficulty answering the following questions, learn more about this topic by reading our Explanation of Nonprofit Accounting.
|1.||In place of an income statement, a not-for-profit organization, or nonprofit, will issue a statement of _____________.||IVEISTICAT||ACTIVITIES|
|2.||The balance sheet of a nonprofit will likely have as part of its heading "statement of financial _______________".||INOPISTO||POSITION|
|3.||Contributions received by a nonprofit are reported as part of the organization's ____________________.||EUNVSEER||REVENUES|
|4.||When an asset is released from a temporary restriction, there will be an increase in _______________ net assets.||SIRTRUCDTEEN||UNRESTRICTED|
|5.||This type of supporting services expense must be reported separately by a nonprofit organization.||NUGRINDIFSA||FUNDRAISING|
|6.||These will cause a decrease in the amount of unrestricted net assets.||SNPEESXE||EXPENSES|
|7.||This expense is associated with long-lived assets used in the activities of a nonprofit.||EIPTDORACENI||DEPRECIATION|
|8.||A ___________________ restricted contribution is one of the classes of donor-imposed restrictions.||PREYMILROTA||TEMPORARILY|
|9.||One type of temporary restriction.||IETM||TIME|
|10.||Another type of temporary restriction.||SOUPPER||PURPOSE|
|11.||The statement of ______________ expenses reports expenses by both function and nature.||NOLAFICNUT||FUNCTIONAL|
|12.||An asset where the principal must be held in perpetuity.||NOTMEWEDN||ENDOWMENT|
|13.||The nonprofit organization's statement of activities reports the change in its net __________ during a specified period of time.||STASES||ASSETS|
|14.||A classification of supporting services expenses is _________________ and general.||GEEMTNNAAM||MANAGEMENT|
|15.||The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds.||LWEOH||WHOLE|
|16.||One of the classes of net assets is _________________ restricted net assets.||TALEMNPREYN||PERMANENTLY|
|17.||The IRS Form 990 must be filed by many nonprofit organizations which have been granted tax-_________ status.||TPXEEM||EXEMPT|
|18.||The external financial statements of a U.S. nonprofit organization must comply with the reporting standards of the ________.||ABFS||FASB|
|19.||If the nonprofit's statement of cash flows is prepared under the indirect method, the first amount listed is the ___________ in net assets.||GACENH||CHANGE|
|20.||A financial reporting year not ending on December 31 is referred to as a ___________ year.||ASIFLC||FISCAL|
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