Nonprofit Accounting (Word Scramble)

1. In place of an income statement, a not-for-profit organization, or nonprofit, will issue a statement of _____________.

2. The balance sheet of a nonprofit will likely have as part of its heading "statement of financial _______________".

3. Contributions received by a nonprofit are reported as part of the organization's ____________________.

4. When an asset is released from a donor restriction, there will be an increase in net assets without donor _______________.

5. This type of supporting services expense must be reported separately by a nonprofit organization.

6. These will cause a decrease in the amount of net assets without donor restrictions.

7. This expense is associated with long-lived assets used in the activities of a nonprofit.

8. A ___________________ restricted designation was one of the classes of donor-imposed restrictions that will not be used on the financial statements beginning in 2018.

9. Beginning in 2018, a nonprofit must provide additional information regarding restrictions and the organization's ___________________.

10. Designations made by a nonprofit's ________________ are reported as net assets without donor restrictions.

11. The statement of ______________ expenses reports expenses by both function and nature and is required for nonprofit entities.

12. An asset where the principal must be held in perpetuity.

13. The nonprofit organization's statement of activities reports the change in its net __________ during a specified period of time.

14. A classification of supporting services expenses is _________________ and general.

15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds.

16. Beginning in 2018, the classification, _________________ restricted net assets, will not be used and the amounts will be included in net assets with donor restrictions.

17. The IRS Form 990 must be filed by many nonprofit organizations which have been granted tax-_________ status.

18. The external financial statements of a U.S. nonprofit organization must comply with the reporting standards of the ________.

19. If the nonprofit's statement of cash flows is prepared under the indirect method, the first amount listed is the ___________ in net assets.

20. A financial reporting year not ending on December 31 is referred to as a ___________ year.