1.
A nonprofit's revenues and expenses are reported on its statement of __________
activities.
2.
The accounting equation of a nonprofit is Assets = Liabilities + __________
Net Assets.
3.
A nonprofit's assets and liabilities are reported on its statement of __________
financial position.
4.
The statement of __________
cash flows may be prepared using the direct or indirect method.
5.
The nonprofit's financial statement that reports amounts as of a particular date (or moment in time) is the __________
statement of financial position.
6.
Since 2018, the net asset classifications temporarily restricted and permanently restricted have been combined into a single classification: net assets with donor __________
restrictions.
7.
Classifying expenses into program activities and supporting activities is known as the _______________ basis.
8.
Reporting expenses by categories such as salaries, rent, utilities, etc. is known as the _______________ basis.
9.
Depreciation expense is reported for a not-for-profit organization's equipment and furniture.
10.
Assets released from donor restrictions will involve two classes of net assets.
11.
An accounting year ending on a date other than December 31 is referred to as a __________
fiscal year.
12.
The FASB Accounting Standards Update to Not-for-Profit Entities requires additional information to be disclosed. This includes the organization's ability to meet its financial __________
obligations.
13.
A nonprofit's expenses are reported as part of the changes in net assets __________ donor restrictions.
14.
Normally the principal portion of an endowment will be classified as net assets __________ donor restrictions.
15.
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
__________ donor restrictions.
16.
Contributions received from donors are reported on the statement of activities under the caption __________
revenues.
17.
The Internal Revenue Service Form __________
990 must be filed annually by nonprofits that have been approved as tax-exempt from federal income taxes.
18.
Which form of financing is allowed for a nonprofit organization?
Issuing equity securities
19.
A nonprofit organization has two major classifications of expenses: supporting services expenses and __________
program expenses.
20.
US GAAP requires that the external financial statements of a nonprofit report information by funds.
21.
Supporting services expenses consist of two broad categories: 1) management and general, and 2) __________
fundraising.
22.
Nonprofits are automatically exempt from federal income taxes.
23.
It is permissible for a nonprofit to earn a profit.
24.
Contributions and net assets are restricted by the nonprofit organization's __________.
25.
The __________
notes to the financial statements are an integral part of the financial statements and provide important information on the nonprofit's financial restrictions.
