Reference no: EM132587677

Question 1: On government wide statements, the cars will be reported as assets at 12/31/20x3 for:

a) 40,000

b) 32,500

c) 0

d) 22,500

Question 2: Donations for unskilled services to not for profit organizations are excluded from the financial statements, but donations of services that are professional for essential services are recorded as revenue. (True or False)

Question 3: The Jones family lost its home in a fire. On December 25, 20x3, a philanthropist sent money to the UMGC Benevolent Society, a not for profit organization, to purchase furniture for the Jones Family. During 20x4, the Benevolent Society purchased furniture as the donor requested. How should the receipt of the funds from the philanthropist be reported by the Benevolent Society in 20x3?

a) As an unrestricted contribution

b) As a temporarily restricted Contribution

c) As a permanently restricted contribution

d) As a liability

Question 4: There are 5 types of cash transfers that take place between different funds: (true or false)

Operation, Quasi external, Quasi internal, Reimbursements, Loans

Question 5: For non-profits most revenue are unrestricted gifts of cash and are reported as revenues. However, gifts that are restricted are reported as temporarily as restricted and the interest income earned on the gift is treated as restricted also. (True or False)