To see each answer, press or click on the blue "Unscramble" button. 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 TETCIIVSIA2. The balance sheet of a nonprofit will likely have as part of its heading "statement of financial _______________".
POSITION INOITPSO3. Contributions received by a nonprofit are reported as part of the organization's ____________________.
REVENUES ESENUVRE4. When an asset is released from a donor restriction, there will be an increase in net assets without donor _______________.
RESTRICTIONS STSIIERNTCOR5. This type of supporting services expense must be reported separately by a nonprofit organization.
FUNDRAISING UNDRINGAFIS6. These will cause a decrease in the amount of net assets without donor restrictions.
EXPENSES SPNEEXSE7. This expense is associated with long-lived assets used in the activities of a nonprofit.
DEPRECIATION EAEONRCIIDPT8. A ___________________ restricted designation was one of the classes of donor-imposed restrictions that will not be used on the financial statements beginning in 2018.
TEMPORARILY IOREAYMRPLT9. Beginning in 2018, a nonprofit must provide additional information regarding restrictions and the organization's ___________________.
LIQUIDITY IYIUQIDTL10. Designations made by a nonprofit's ________________ are reported as net assets without donor restrictions.
BOARD BODAR11. The statement of ______________ expenses reports expenses by both function and nature and is required for nonprofit entities.
FUNCTIONAL INTACFNUOL13. The nonprofit organization's statement of activities reports the change in its net __________ during a specified period of time.
ASSETS SASSTE14. A classification of supporting services expenses is _________________ and general.
MANAGEMENT MATEGNANEM15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds.
WHOLE LEOWH16. Beginning in 2018, the classification, _________________ restricted net assets, will not be used and the amounts will be included in net assets with donor restrictions.
PERMANENTLY PMNRTNELAEY17. The IRS Form 990 must be filed by many nonprofit organizations which have been granted tax-_________ status.
EXEMPT PEETMX18. The external financial statements of a U.S. nonprofit organization must comply with the reporting standards of the ________.
FASB AFBS19. If the nonprofit's statement of cash flows is prepared under the indirect method, the first amount listed is the ___________ in net assets.
CHANGE CNHGEA20. A financial reporting year not ending on December 31 is referred to as a ___________ year.
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