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Which assets held by religious organization depreciation be

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Reference no: EM132842572

Problem 1: Which of the following is most likely to be classified as other operating revenue?

A. Unrestricted gift.

B. Dividend income.

C. State research grant.

D. Parking fee.

Problem 2: A private college's plant group includes which of the following subgroups? I. Renewals and replacement funds II. Retirement of indebtedness funds III. Restricted current funds

A. I and II

B. I and III

C. II and III

D. All of the above

Problem 3: For which of the following assets held by religious organization should depreciation be recognized in the organization's general-purpose external financial statements?

A. The house of worship.

B. A priceless painting.

C. A nationally recognized historical treasure.

D. Land used for a building site.

Problem 4: In a not-for-profit organization, which of the following should be included in total expenses?

A. Grants to other Organizations-YES; Deprecation-YES

B. Grants to other Organizations-YES; Deprecation-NO

C. Grants to other Organizations-NO; Deprecation-NO

D. Grants to other Organizations-NO; Deprecation-YES

Reference no: EM132842572

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