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If you have difficulty answering the following questions, learn more about this topic by reading our Nonprofit Accounting (Explanation).
1. In place of an income statement, a not-for-profit organization, or nonprofit, will issue a statement of _____________. | ACTIVITIES IVEISTICAT | Unscramble |
2. The balance sheet of a nonprofit will likely have as part of its heading "statement of financial _______________". | POSITION INOPISTO | Unscramble |
3. Contributions received by a nonprofit are reported as part of the organization's ____________________. | REVENUES EUNVSEER | Unscramble |
4. When an asset is released from a donor restriction, there will be an increase in net assets without donor _______________. | RESTRICTIONS OTSIRTRCIESN | Unscramble |
5. This type of supporting services expense must be reported separately by a nonprofit organization. | FUNDRAISING NUGRINDIFSA | Unscramble |
6. These will cause a decrease in the amount of net assets without donor restrictions. | EXPENSES SNPEESXE | Unscramble |
7. This expense is associated with long-lived assets used in the activities of a nonprofit. | DEPRECIATION EIPTDORACENI | Unscramble |
8. Two classifications of a nonprofit's net assets are net assets 1) with and 2) without ___________________ restrictions. | DONOR NOORD | Unscramble |
9. A nonprofit must provide additional information regarding restrictions and the organization's ___________________. | LIQUIDITY UDQYILTII | Unscramble |
10. Designations made by a nonprofit's ________________ are reported as net assets without donor restrictions. | BOARD RBADO | Unscramble |
11. The statement of ______________ expenses reports expenses by both function and nature and is required for nonprofit entities. | FUNCTIONAL NOLAFICNUT | Unscramble |
12. An asset where the principal must be held in perpetuity. | ENDOWMENT NOTMEWEDN | Unscramble |
13. The nonprofit organization's statement of activities reports the change in its net __________ during a specified period of time. | ASSETS STASES | Unscramble |
14. A classification of supporting services expenses is _________________ and general. | MANAGEMENT GEEMTNNAAM | Unscramble |
15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds. | WHOLE LWEOH | Unscramble |
16. The accounting rules for nonprofit entities are Topic 958 in the FASB's Accounting Standards _________________. | CODIFICATION OTANIDCFOICI | Unscramble |
17. The IRS Form 990 must be filed by many nonprofit organizations which have been granted tax-_________ status. | EXEMPT TPXEEM | Unscramble |
18. The external financial statements of a U.S. nonprofit organization must comply with the reporting standards of the ________. | FASB ABFS | Unscramble |
19. If the nonprofit's statement of cash flows is prepared under the indirect method, the first amount listed is the ___________ in net assets. | CHANGE GACENH | Unscramble |
20. A financial reporting year not ending on December 31 is referred to as a ___________ year. | FISCAL ASIFLC | Unscramble |
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