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Homework answers / question archive / 1)A good measure of whether a not-for-profit organization is efficient in its fund-raising efforts is: 2) The term that means information skewed toward a particular belief with a tendency to have little or no factual basis is: 3) The Internal Revenue Service may impose intermediate sanctions on all of the following transactions between a not-for-profit organization and its executive officer except: 4) The organization Shelter the Needy is completing its Form 990 and it is trying to determine if it has unrelated business income on which it must pay taxes

1)A good measure of whether a not-for-profit organization is efficient in its fund-raising efforts is: 2) The term that means information skewed toward a particular belief with a tendency to have little or no factual basis is: 3) The Internal Revenue Service may impose intermediate sanctions on all of the following transactions between a not-for-profit organization and its executive officer except: 4) The organization Shelter the Needy is completing its Form 990 and it is trying to determine if it has unrelated business income on which it must pay taxes

Accounting

1)A good measure of whether a not-for-profit organization is efficient in its fund-raising efforts is:

2) The term that means information skewed toward a particular belief with a tendency to have little or no factual basis is:

3) The Internal Revenue Service may impose intermediate sanctions on all of the following transactions between a not-for-profit organization and its executive officer except:

4) The organization Shelter the Needy is completing its Form 990 and it is trying to determine if it has unrelated business income on which it must pay taxes. Which of the following would be subject to unrelated business income taxes?

5) A good measure that can be used to help assess whether a not-for-profit organization is spending too much on overhead, such as general and administrative expenses, is:

6) Which of the following is not a true statement about tax-exempt organizations?

7) Which of the following defines an appeal to the public to take action on a legislative matter?

8) The Form 990 consists of 12 parts (core form) and several schedules. Which of the following would not be included as one of the parts of the core form of the Form 990?

9) Which of the following is a reason why a not-for-profit organization might fail to qualify for tax-exempt status?

10) A tax-exempt organization that receives its support primarily from a large number of individuals or corporations and a relatively small amount from investment income is called a:

11) Public disclosure rules require that a tax-exempt not-for-profit organization:

12) The income most likely to be considered unrelated business income of a human service organization that provides immunizations to children in the community is:

13) Which of the following would not be required under not-for-profit incorporation laws?

14) All of the following are reasons why the Internal Revenue Service (IRS) overhauled the Form 990 for tax years beginning in 2008 except:

15) A not-for-profit organization is granted its legal status by which of the following?

16) A good measure of whether a not-for-profit organization is operating its programs efficiently is:

17) A good measure of whether a not-for-profit organization is a "going concern" and can sustain its operations into the future is:

18) Which of the following is the incorporating document of a not-for-profit organization that describes the purpose or mission of the organization?

19) Which of the following not-for-profit organizations is most likely to be tax-exempt under IRC Sec. 501(c)(3)?

20) A good measure of whether a not-for-profit organization is "liquid" and can meet its short-term obligations is:

21) The local Kennel Club is a not-for-profit organization with gross receipts of $23,500 for the current tax year. Under the Internal Revenue Service Code, the Kennel Club would be required to file which of the following forms for the tax year?

22) A nongovernmental tax-exempt organization must complete a Form 990 and send it to the Internal Revenue Service:

23) Which of the following statements is true regarding generally accepted accounting principles (GAAP) for colleges and universities?

24) Which of the following statements about the Uniform Prudent Management of Institutional Funds Act (UPMIFA) is correct?

25) What type of college or university must report expenses by functional classification?

26) Which of the following receipts may properly be accounted for as an increase in unrestricted net assets by a private college?

27) A private college would report which of the following assets differently than a public college?

28) GASB accounting and reporting standards applicable to public colleges and universities:

29)

During the years ended June 30, 2017 and 2018, Jackson University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10, 2016. The gift was restricted to the financing of this particular research project. During the two-year research period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year (FY):

30)   

What amount of net assets was released from restriction in 2017?

31) Which of the following is a typical classification of a functional expense in a college or university?

32) How would estimated uncollectible tuition and fees be reported on the financial statements of a university?

33)

Culver City College, a public college, has a 10-week summer session that starts on June 25, 2017, so that one week is held during FY 2017 and the other nine weeks meet during FY 2018. Tuition and fees in the amount of $1,000,000 were collected from students for classes to be conducted in this session. What amount should Culver City College recognize as unrestricted revenue in each of the years ended (FYE) June 30, 2017 and June 30, 2018?

  

 

 

FYE 2017

 

 

FYE 2018

 

  A.

$

100,000    

 

$

900,000    

 

  B.

$

0    

 

$

1,000,000    

 

  C.

$

1,000,000    

 

$

0    

 

  D.

$

500,000    

 

$

500,000    

 


34) The Academy, a private college, provided tuition waivers of $500,000. Of the amount $200,000 was for students teaching courses as graduate assistants and $300,000 was simply an award for scholastic accomplishments. Another $100,000 was given is tuition refunds. What amount would The Academy record as Tuition and Fees Discounts and Allowances?

35) Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university?

36) State educational appropriations received by a public university are classified as which of the following on the statement of revenues, expenses, and changes in net position?

37)

During the year ended June 30, 2017, Hopkins College, a private college, received a federal government grant of $800,000 for research on the role of music in improving math skills for students. Expenses for this research amounted to $100,000 during the same year. Under FASB standards, which of the following best represents how Hopkins College would report this nonexchange transaction in the net assets section for the year ended June 30, 2017?

  

 

Unrestricted

Temporarily Restricted

Permanently Restricted

 



 



 



 

A)

$

0  

 

$

800,000  

 

$

0  

 

B)

$

0  

 

$

100,000  

 

$

700,000  

 

C)

$

100,000  

 

$

700,000  

 

$

0  

 

D)

$

800,000  

 

$

0  

 

$

0  

 


38) Which of the following is required as part of a complete set of financial statements for a private college or university?

39) Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

40) A college has collected returnable dormitory room deposits from students. How would these deposits be reported by the college?

41)

During the years ended June 30, 2017 and 2018, Jackson University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10, 2016. The gift was restricted to the financing of this particular research project. During the two-year research period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year (FY):

 42)  

How much had temporarily restricted net assets increased as of the end of FY 2018?

 

43) Cactus College, a small private college, received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance. In accordance with FASB standards the grant would be reported as an increase in:

44) Which of the following statements usually will not be included in the annual financial report of a governmentally owned public university engaged only in business-type activities?

45) Which of the following measures may be useful to decision makers evaluating the financial condition of a college or university?

46) How would a private college or university report its estimate for uncollectible tuition and fees on its statement of activities?

47) Which of the following statements concerning the audits of colleges and universities is true?

48) Colleges and universities often make loans to students. How would these loans be reported on the financial statements?

49) Economic rationality would argue against a university accepting a split-interest agreement in which a fixed annuity is payable to the donor if:

50) Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers (NACUBO)?

51) An alumnus donates securities to a private college and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognized as increases in:

52) The FASB requires that private colleges and universities prepare which of the following financial statements?

53) Where does a nongovernmental not-for-profit health care entity report increases that have occurred in its temporarily restricted net assets?

54) In accordance with the FASB Codification, donated medicines that normally would be purchased by a hospital should be recorded at fair value and credited to which of the following?

55) Contractual Adjustments is properly characterized as:

56) According to FASB standards, which of the following entities would not be considered a health care organization?

57) Which of the following is (are) considered an authoritative source of GAAP for nongovernmental not-for-profit health care entities?

58) Which of the following would usually be considered as temporarily restricted net assets in a nongovernmental not-for-profit hospital?

59) How would the cash acquisition of equipment be reported on a health care entity’s statement of cash flows?

60) Which of the following is not a financial statement prepared by nongovernmental not-for-profit health care entities?

61) Which of the following statements concerning the Patient Protection and Affordability Act (also known as the Affordable Care Act) is true?

62) Which of the following is shown on a statement of changes in net assets?

63) In accordance with the FASB Codification, which of the following would be an appropriate performance indicator for a not-for-profit health care organization?

64) Charity service and bad debts in a government hospital that follows business-type accounting are:

65) Contractual adjustments that arise from differences between the gross charge for patient services and the amount paid by a third party payor are reported as:

66) The GASB requires business-type health care organizations to prepare which of the following financial statements?

67) Where would a capitation fee be reported on a health care entity’s financial statements?

68) Which of the following volunteer services is most likely to be reported by a nongovernmental not-for-profit hospital as contribution revenue and an expense?

69) Which of the following would be considered service revenue of a health care entity?

70) Which of the following could be included in the performance indicator measure provided by a nongovernmental not-for-profit hospital?

71) An annual contributor to a nongovernmental not-for-profit hospital made an unrestricted pledge in October 2016 that will be paid in March 2017. Assuming the hospital's fiscal year-end is December 31, 2016, the pledge should be credited to:

72) The primary source of revenue for most hospitals is:

73) Which of the following statements is true about diagnosis-related groups (DRGs)?

74) Which of the following would be considered an asset limited as to use?

75) A hospital originally recorded all patient services it provided as a $500,000 debit to accounts receivable. Upon review the hospital determined that a contractual adjustment of $200,000 needs to be made, and estimated bad debts of $5,000 need to be recorded. In addition, at the time the receivable was recorded the hospital did not realize $100,000 should be considered charity services. Based on the information provided, what is the net amount of accounts receivable that the hospital would report on its financial statements?

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