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Flashcards in Mod 22 Key terms Deck (17)
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0
Q

Donor imposed restrictions tell you…

A

How you book revenue

1
Q

Donor imposed conditions tell you…

A

When you book revenue

2
Q

An activity is presumed to be fundraising, unless what 3 criteria are met?

A

1 purpose

2 audience

3 content

3
Q

Criteria for allocation of fundraising:

Purpose

A

Activity has more than 1 purpose

Evidenced by whether compensation or fees for performing the
Activity of amount raised or performance of management + general
Activity

4
Q

It looks better, when organization has more…

A

Expenses for program activities

5
Q

Criteria for allocation of fundraising:

Audience

A

If the audience is selected on the basis of its likelihood to contribute
To the not for profit, this criterion is not met

6
Q

Criteria for allocation of fundraising:

Content, in order for this criterion to be met…

A

The mailing or event must include a call to action other than raising money

Ex. Mailing from the American Cancer Society might call for recipients
To have regular checkups, exercise, and eat healthy

7
Q

If the university provides a $2,000 scholarship based on grades and gets $8,000 in cash what is the journal entry for student tuition and fees?

A

Cash. 8,000
Revenue deduction-student scholarships. 2,000
Revenue-student tuition and fees. 10,000

8
Q

What is the journal entry if the university provides $2,000 in graduate assistantships for service in the biology department and receives cash of $8,000?

A

Cash. 8,000
Expense-instruction (biology department). 2,000
Revenue- student tuition and fees. 10,000

9
Q

For healthcare organization accounting-private sector:

Financial statements

A
1 balance sheet
2 statement of operations
3 statement of changes in net assets
4 cash flow statements
5 notes
10
Q

Healthcare organization accounting-not for profit

Other revenues, gains and losses (included in operating revenues)4

A

1 investment income
2 fees from educational programs
3 proceeds from sale of cafeteria meals
4 proceeds from gift shop, parking lot revenue, etc.

11
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Equity transfers involving…3

A

1 Other entities that control the reporting entity or

2 are controlled by the Reporting entity or

3 are under control of reporting entity

12
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Receipt of…

A

Restricted contributions

13
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Contributions of (and assets released from donor restrictions related to)…

A

Long lived assets

14
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Unrealized gains and losses…

2) what’s the exception

A

On investments not restricted by donors or by law

2) except for investments classified by trading securities

15
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Investment returns…

A

Restricted by donors or by law

16
Q

Healthcare organization accounting-private sector: Statement of operations performance measure what must be reported separately:

Other items that are required by GAAP to be…

2) 3 examples

A

Reported separately

1 extraordinary items
2 effect of discontinued operations
3 accounting changes