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Final Exam, comprehensive 107 points total Please use the Word template provided to complete and submit the test. Good luck!! 1. Not-for-profit health care organization financial statements include a a. Statement of Cash Flows c. Statement of Revenues, Expenses, and Changes in Fund Balance b. Statement of Activities d. Statement of Budget to Actual 2. Not-for-profit health care organization financial statements include a a. Statement of Net Assets c. Statement of Operations b. Statement of Activities d. Statement of Budget to Actual 3.A not-for-profit health care organization Statement of Operations displays the a. cash balance at the end of the year c. net cash used by operating activities b. amount of operating income d. classified net assets 4. When the Allowance for Doubtful Accounts is adjusted, the expense is charged to a. Charity Care c. Doubtful Account Expenses b. Provision for Bad Debts d. Reservation of Fund Equity 5.Public colleges and universities follow accounting standards issued by a. GASB c. AICPA b. FASB d. NACUBO 6. GASB Statement No. 35 requires governmental colleges and universities to a. follow the GASB Statement No. 34 financial reporting model c. use the 1995 AICPA Audits of Colleges and Universitiesfinancial reporting model b. produce a Statement of Operations d. only use the modified approach for infrastructure assets 7. A college or university is classified as governmental if a. the governing board is appointed by the college president c. the governing board is publicly elected b. the university pays corporate income taxes d. all of the above 8. The Coleville Community College can levy taxes, issue tax-exempt debt and the governing board is publicly elected. The Coleville Community College is a a. private not-for-profit organization c. business-type activity b. governmental organization d. both b and c are correct 9. Governmental colleges and universities implementing GASB Statements No. 34 and 35 will a. no longer use funds c. use invested in capital assets net of related debt, restricted and unrestricted net asset classes b. use restricted, unrestricted and temporarily restricted net asset classes d. none of the above 10. Colleges and universities may elect to record transactions directly into net asset classes rather than a. the Statement of Activities c. funds b. the Statement of Operations d. liabilities 11. Governmental colleges and universities display student financial aid as a(n) a. discount c. it is not displayed b. expense d. expenditure 12. A public college provides scholarship assistance of $8,000,000 to its students. When the students register for classes the college applies $7,500,000 of the financial aid to their tuition and fee bills of $10,000,000 and students receive $500,000 in cash. The amount that will be recognized as tuition and fee revenue by the college is a. $10,000,000 c. $2,500,000 b. $2,000,000 d. $9,500,000 13. A public university bills $80,000,000 in tuition and fees and provides $23,000,000 in financial aid. The university refunds in cash $800,000 of this financial aid directly to students. What amount will the university report as tuition and fee revenue? a. $80,000,000 c. $57,000,000 b. $79,200,000 d. $57,800,000 14. A public college has tuition and fee billings of $30,000,000 and provides $6,000,000 in financial aid to students. The students apply $5,200,000 of this financial aid to their tuition and fee bill and take the excess in cash. What amount is reported as an expense for financial aid? a. $6,000,000 c. $800,000 b. $5,200,000 d. $6,800,000 15. A public college and university have tuition and fee revenue of $18,000,000 for the summer semester that bridges two fiscal years. Sixty percent of the instruction takes place in the next fiscal year and the university decides to allocate the revenue on that basis. The journal entry to record this transaction in the current fiscal year will include a. $10,800,000 in revenue c. $10,800,000 in deferred revenue b. $18,000,000 in revenue d. $7,200,000 in deferred revenue 16. A patron gets a call from the Metropolitan Opera Society and pledges $1,000 to be used for general operations. The Metropolitan Opera Society will record a. Contribution Revenue – Unrestricted c. Contribution Revenue – Permanently Restricted b. Contribution Revenue – Temporarily Restricted d. nothing because it is only an oral pledge 17. The Humane Society conducts a fund-raising drive by telephone and has total pledges of $55,000 and notes on other possible donors who were still considering making pledges of $8,000. What amount of contribution revenue will be recorded? a. $55,000 c. $8,000 b. $63,000 d. Zero 18. A donor makes a pledge to the zoo of $8,000 that will be paid in four installments of $2,000 each this year. The first installment of $2,000 is mailed in with the pledge card and the zoo will record a. Contribution Revenue – Temporarily Restricted of $8,000 c. Contribution Revenue – Unrestricted of $2,000 b. Contribution Revenue – Temporarily Restricted of $6,000 d. both b and c 19. A local charity received a $1,000 pledge that the donor agrees to pay next year. This is a(n) a. unconditional, unrestricted contribution c. conditional, unrestricted contribution b. unconditional, restricted contribution d. conditional, restricted contribution 20. A woman cleans out her attic and takes her thirty-year old clothes to her local Goodwill store. She estimates she could get $50 for these if she held a garage sale. The Goodwill store sorts the clothes and determines they cannot be used or sold and puts them in the pile that will go to the landfill. Goodwill should record a. a loss equal to amount of the dumping fee c. nothing b. a $50 unrestricted contribution d. a $50 unrestricted contribution net of the dumping fee 21. The League of Women Voters meets once a month in a conference room that is made available free by a local hotel and spends $25 for coffee and cookies at the hotel. The normal rental rate for this room is $150. The League will record a. nothing c. $125 unrestricted contribution b. $150 temporarily restricted contribution d. $150 unrestricted contribution 22. A local corporation provides blankets worth $5,000 during a winter blizzard to be handed out by the homeless shelter to the needy. The shelter will record a. an unrestricted contribution of $5,000 c. a temporarily restricted contribution of $5,000 b. an asset and liability of $5,000 each d. none of the above 23. A contributed service may be recognized as contribution revenue if it is a a. service that helps the organization c. skill the organization normally purchases b. specialized skill possessed by the individual d. b and c 24. A Certified Public Accountant provides 100 hours of free audit services to a local museum that is valued at $50 an hour and also helps out by spending 100 hours helping clean and landscape the grounds. The museum would record contribution revenue of a. $5,000 c. zero b. $10,000 d. none of the above 25. A sculpture worth $22,000 is donated to a botanical garden that has an outdoor sculpture park. The botanical garden has decided to capitalize their sculpture collection so the donation would be recorded as a a. unrestricted contribution c. temporarily restricted contribution b. permanently restricted contribution d. invested in capital assets net of related debt 26. A viewer makes a $100 pledge to the local public broadcasting station and receives a coffee mug valued at $2 in return. The station will record contribution revenue in the amount of a. $100 c. $102 b. $98 d. zero 27. Supporting services include a. fund-raising activities c. management and general b. membership development d. all of the above 28. Not-for-profit organizations record capital assets in the a. capital asset account c. depreciation account b. property and equipment account d. net assets account 29. Not-for-profit organizations classify net assets as a. conditional or unconditional c. temporarily restricted, permanently restricted or unrestricted b. restricted or unrestricted d. restricted, unrestricted and invested in capital assets net of related debt 30. Investment income or net appreciation generated from unrestricted donated assets should be reported a. as a change in unrestricted net assets c. as a change in cash b. where the donor specified d. as a change in contributions 31. FASB Statement No. 124 requires that losses on investments of a donor-restricted endowment fund will a. reduce temporarily restricted net assets first c. reduce unrestricted net assets first b. reduce the endowment d. be charged off as an expense 32. The basic financial statements for a not-for-profit opera society include a a. Statement of Activities c. Statement of Budget to Actual b. Statement of Net Assets d. Balance Sheet 33. The basic financial statements for the American Red Cross include a. Statement of Net Assets c. Statement of Budget to Actual b. Statement of Functional Expenses d. all of the above 34. The Statement of Functional Expenses is only required for a. art museums c. religious organizations b. labor unions d. voluntary health and welfare organizations 35. The Statement of Financial Position classifies assets, liabilities and net assets by a. fund c. unrestricted, temporarily restricted or permanently restricted b. program or supporting service d. revenues or expense 36. The primary government’s financial reporting entity includes a. organizations for which the primary government is an issuer of conduit debt c. organizations that receive grants from the primary government b. organizations for which the primary government is financially accountable d. organizations that collect taxes for the primary government 37. Financial accountability exists if the primary government a. collects taxes for the entity but cannot impose its will on the entity c. cannot impose its will on the organization b. appoints a majority of the governing body and is responsible to fund any deficit incurred by the organization d. appoints a majority of the governing body and collects taxes and issues conduit debt for the entity 38. A primary government would have a potential financial benefit or burden from another organization if the primary government can a. modify the organization’s budget c. modify the organization’s fees b. use the organization’s resources d. appoint the organization’s finance director 39. Component units are a. all other legally separate governmental entities that are located within a county c. other organizations that should be included to prevent the financial statements from being misleading b. all funds of the primary government d. all entities that participate in an external pool 40. A component unit is blended if a. the primary government can use or access the organization’s resources c. the primary government is obligated in some manner to repay the debt of the organization b. the primary government can impose its will and appoint a majority of the governing board d. the governing bodies of the component unit and the primary government are substantially the same

Final Exam, comprehensive 107 points total

Please use the Word template provided to complete and submit the test.Good luck!!

 

1.Not-for-profit health care organization financial statements include a

a. Statement of Cash Flows c. Statement of Revenues, Expenses, and Changes in Fund Balance
b. Statement of Activities d. Statement of Budget to Actual

2.Not-for-profit health care organization financial statements include a

a. Statement of Net Assets c. Statement of Operations
b. Statement of Activities d. Statement of Budget to Actual

3.A not-for-profit health care organization Statement of Operations displays the

a. cash balance at the end of the year c. net cash used by operating activities
b. amount of operating income d. classified net assets

4.When the Allowance for Doubtful Accounts is adjusted, the expense is charged to

a. Charity Care c. Doubtful Account Expenses
b. Provision for Bad Debts d. Reservation of Fund Equity

5.Public colleges and universities follow accounting standards issued by

a. GASB c. AICPA
b. FASB d. NACUBO

6. GASB Statement No. 35 requires governmental colleges and universities to

a. follow the GASB Statement No. 34 financial reporting model c. use the 1995 AICPA Audits of Colleges and Universitiesfinancial reporting model
b. produce a Statement of Operations d. only use the modified approach for infrastructure assets

7.A college or university is classified as governmental if

a. the governing board is appointed by the college president c. the governing board is publicly elected
b. the university pays corporate income taxes d. all of the above

8.The Coleville Community College can levy taxes, issue tax-exempt debt and the governing board is publicly elected.The Coleville Community College is a

a. private not-for-profit organization c. business-type activity
b. governmental organization d. both b and c are correct

9.Governmental colleges and universities implementing GASB Statements No. 34 and 35 will

a. no longer use funds c. use invested in capital assets net of related debt, restricted and unrestricted net asset classes
b. use restricted, unrestricted and temporarily restricted net asset classes d. none of the above

10.Colleges and universities may elect to record transactions directly into net asset classes rather than

a. the Statement of Activities c. funds
b. the Statement of Operations d. liabilities

11.Governmental colleges and universities display student financial aid as a(n)

a. discount c. it is not displayed
b. expense d. expenditure

12.A public college provides scholarship assistance of $8,000,000 to its students.When the students register for classes the college applies $7,500,000 of the financial aid to their tuition and fee bills of $10,000,000 and students receive $500,000 in cash.The amount that will be recognized as tuition and fee revenue by the college is

a. $10,000,000 c. $2,500,000
b. $2,000,000 d. $9,500,000

13.A public university bills $80,000,000 in tuition and fees and provides $23,000,000 in financial aid.The university refunds in cash $800,000 of this financial aid directly to students.

What amount will the university report as tuition and fee revenue?

a. $80,000,000 c. $57,000,000
b. $79,200,000 d. $57,800,000

14.A public college has tuition and fee billings of $30,000,000 and provides $6,000,000 in financial aid to students.The students apply $5,200,000 of this financial aid to their tuition and fee bill and take the excess in cash.What amount is reported as an expense for financial aid?

a. $6,000,000 c. $800,000
b. $5,200,000 d. $6,800,000

15.A public college and university have tuition and fee revenue of $18,000,000 for the summer semester that bridges two fiscal years.Sixty percent of the instruction takes place in the next fiscal year and the university decides to allocate the revenue on that basis.The journal entry to record this transaction in the current fiscal year will include

a. $10,800,000 in revenue c. $10,800,000 in deferred revenue
b. $18,000,000 in revenue d. $7,200,000 in deferred revenue

16.A patron gets a call from the Metropolitan Opera Society and pledges $1,000 to be used for general operations.The Metropolitan Opera Society will record

a. Contribution Revenue – Unrestricted c. Contribution Revenue – Permanently Restricted
b. Contribution Revenue – Temporarily Restricted d. nothing because it is only an oral pledge

17.The Humane Society conducts a fund-raising drive by telephone and has total pledges of $55,000 and notes on other possible donors who were still considering making pledges of $8,000.What amount of contribution revenue will be recorded?

a. $55,000 c. $8,000
b. $63,000 d. Zero

18.A donor makes a pledge to the zoo of $8,000 that will be paid in four installments of $2,000 each this year.The first installment of $2,000 is mailed in with the pledge card and the zoo will record

a. Contribution Revenue – Temporarily Restricted of $8,000 c. Contribution Revenue – Unrestricted of $2,000
b. Contribution Revenue – Temporarily Restricted of $6,000 d. both b and c

19.A local charity received a $1,000 pledge that the donor agrees to pay next year.This is a(n)

a. unconditional, unrestricted contribution c. conditional, unrestricted contribution
b. unconditional, restricted contribution d. conditional, restricted contribution

20.A woman cleans out her attic and takes her thirty-year old clothes to her local Goodwill store.She estimates she could get $50 for these if she held a garage sale.The Goodwill store sorts the clothes and determines they cannot be used or sold and puts them in the pile that will go to the landfill.Goodwill should record

a. a loss equal to amount of the dumping fee c. nothing
b. a $50 unrestricted contribution d. a $50 unrestricted contribution net of the dumping fee

21.The League of Women Voters meets once a month in a conference room that is made available free by a local hotel and spends $25 for coffee and cookies at the hotel.The normal rental rate for this room is $150.The League will record

a. nothing c. $125 unrestricted contribution
b. $150 temporarily restricted contribution d. $150 unrestricted contribution

22.A local corporation provides blankets worth $5,000 during a winter blizzard to be handed out by the homeless shelter to the needy.The shelter will record

a. an unrestricted contribution of $5,000 c. a temporarily restricted contribution of $5,000
b. an asset and liability of $5,000 each d. none of the above

23.A contributed service may be recognized as contribution revenue if it is a

a. service that helps the organization c. skill the organization normally purchases
b. specialized skill possessed by the individual d. b and c

24.A Certified Public Accountant provides 100 hours of free audit services to a local museum that is valued at $50 an hour and also helps out by spending 100 hours helping clean and landscape the grounds.The museum would record contribution revenue of

a. $5,000 c. zero
b. $10,000 d. none of the above

25.A sculpture worth $22,000 is donated to a botanical garden that has an outdoor sculpture park.The botanical garden has decided to capitalize their sculpture collection so the donation would be recorded as a

a. unrestricted contribution c. temporarily restricted contribution
b. permanently restricted contribution d. invested in capital assets net of related debt

26.A viewer makes a $100 pledge to the local public broadcasting station and receives a coffee mug valued at $2 in return.The station will record contribution revenue in the amount of

a. $100 c. $102
b. $98 d. zero

27.Supporting services include

a. fund-raising activities c. management and general
b. membership development d. all of the above

28.Not-for-profit organizations record capital assets in the

a. capital asset account c. depreciation account
b. property and equipment account d. net assets account

29.Not-for-profit organizations classify net assets as

a. conditional or unconditional c. temporarily restricted, permanently restricted or unrestricted
b. restricted or unrestricted d. restricted, unrestricted and invested in capital assets net of related debt

30.Investment income or net appreciation generated from unrestricted donated assets should be reported

a. as a change in unrestricted net assets c. as a change in cash
b. where the donor specified d. as a change in contributions

31.FASB Statement No. 124 requires that losses on investments of a donor-restricted endowment fund will

a. reduce temporarily restricted net assets first c. reduce unrestricted net assets first
b. reduce the endowment d. be charged off as an expense

32.The basic financial statements for a not-for-profit opera society include a

a. Statement of Activities c. Statement of Budget to Actual
b. Statement of Net Assets d. Balance Sheet

33.The basic financial statements for the American Red Cross include

a. Statement of Net Assets c. Statement of Budget to Actual
b. Statement of Functional Expenses d. all of the above

34.The Statement of Functional Expenses is only required for

a. art museums c. religious organizations
b. labor unions d. voluntary health and welfare organizations

35.The Statement of Financial Position classifies assets, liabilities and net assets by

a. fund c. unrestricted, temporarily restricted or permanently restricted
b. program or supporting service d. revenues or expense

36.The primary government’s financial reporting entity includes

a. organizations for which the primary government is an issuer of conduit debt c. organizations that receive grants from the primary government
b. organizations for which the primary government is financially accountable d. organizations that collect taxes for the primary government

37.Financial accountability exists if the primary government

a. collects taxes for the entity but cannot impose its will on the entity c. cannot impose its will on the organization
b. appoints a majority of the governing body and is responsible to fund any deficit incurred by the organization d. appoints a majority of the governing body and collects taxes and issues conduit debt for the entity

38.A primary government would have a potential financial benefit or burden from another organization if the primary government can

a. modify the organization’s budget c. modify the organization’s fees
b. use the organization’s resources d. appoint the organization’s finance director

39.Component units are

a. all other legally separate governmental entities that are located within a county c. other organizations that should be included to prevent the financial statements from being misleading
b. all funds of the primary government d. all entities that participate in an external pool

40.A component unit is blended if

a. the primary government can use or access the organization’s resources c. the primary government is obligated in some manner to repay the debt of the organization
b. the primary government can impose its will and appoint a majority of the governing board d. the governing bodies of the component unit and the primary government are substantially the same

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