Test Your Knowledge!
Next Quiz on April 14th!


Not-for-Profit Quiz

Accountants are lifelong students. The weekly quizzes are open
to everyone in the wonderful field of accounting, business
and the study of accounting. Good luck!

This week's quiz brought to you by:
Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting
and Director of the Financial Accounting Concentration
University of Dallas
Irving, Texas



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1 - The distinguishing characteristic of a not for profit organization is:
That wealth generated does not accrue to "owners."
That revenues must match expenses.
That receipts must match expenditures.
Its mission.

2 - Not for profit organizations:
Pay no income taxes
Pay income taxes on unrelated income-producing businesses
Pay income taxes on excess of revenues over expenses
Pay income taxes on interest and dividend income.

3 - GAAP for not for profit organizations is governed by:
SEC
FASB
AICPA
GASB

4 - Auditing standards for audits of not for profit organizations are governed by:
SEC
FASB
AICPA
PCAOB

5 - Permanently restricted net assets include:
Donor-designated funds for particular activities.
Time-restricted funds
Board-restricted endowment funds
Donor-restricted endowment funds

6 - Assets can be classified as:
Unrestricted
Temporarily Restricted
Permanently Restricted
All of the above

7 - Expenses can be classified as:
Unrestricted
Temporarily Restricted
Permanently Restricted
All of the above

8 - Donors have made unconditional promises during 2007 to provide contributions. At the end of the year $10,000 in promised contributions are expected to to be collected in 2008. These promised contributions appear:
in financial statement footnotes only
on the Statements of Financial Position
on the Statement of Activities
on the Statements of Financial Position and the Statement of Activities

9 - Contributions of services are included as revenues:
when the services require routine skills.
when the services require specialized skills.
When the services require either routine or specialized skills.
Contributions of services are never included as revenues.

10 - The investment categories in which not for profit accounting and for profit accounting differ are:
Trading Securities and Available for Sale Securities
Trading Securities and Held to Maturity Securities
Available for Sale Securities and Equity Method Securities
Available for Sale securitieis and Held to maturity securities.

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