Friday 6 January 2017

ACC 410 WEEK 9 QUIZ 7

ACC 410 WEEK 9 QUIZ 7

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Chapter 12
Not-for-Profit Organizations
TRUE/FALSE (CHAPTER 12)
  1. FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position.
  1. In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor-imposed restrictions; however, all expenses should be reported as decreases in unrestricted net assets.
  1. Restricted contributions may be reported as unrestricted if the restriction has been met in the same period as the contribution is made.
  1. FASB Statement No. 95 requires not-for-profits to use the direct method in their statements of cash flows.

  1. In accounting for investments, not-for-profits, like businesses, must report their investments at fair value and classify the investments as either trading, available-for-sale, or held-to-maturity.
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