Reference no: EM132587676

Question 1: A not for profit organization receives $150 from a donor. The donor receives two tickets to a theater show and an acknowledgement in the theater program. The tickets have a FMV of $100. What amount is recorded as contribution revenue?

a) 150

b) 50

c) 100

d) 200

Question 2: Health care organizations and colleges use modified accrual basis of accounting. (true or false).

Question 3: A balance in the Reserved for Encumbrances in excess of a balance of Encumbrances indicates:

a) An excess of vouchers payable over encumbrances

b) An excess of purchase orders over invoices received

c) An excess of appropriations over encumbrances

d) A recording error

Question 4: Which of the following financial statements should be prepared for proprietary funds?

a) Statement of revenues, expenditures, and changes in fund balance

b) Statement of activities

c) Statement of changes in proprietary net position

d) Statement of cash flows

Question 5: The general fund of XYZ City acquired 2 police cars at the beginning of 20x3, the cars at a cost of 40,000. The cars are expected to last 4 years and have a residual value of 10,000. SL Depreciation is used. On the balance sheet of govt funds, the police cars will be reported as assets for:

a) 40,000

b) 32,500,

c) 0

d) 22,500