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 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 |
Want more practice questions?
Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO.
We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. Click here to learn more.
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.
