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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The study on NON-FOR-PROFIT accounting focuses on several key issues
1 Classiffication of net Asset as (3 items) 2 Revenue RECOGNITION conceptes related to unconditional 3 Distinguishing b/n restricted ________ and conditional _________ 4 Distinguishing b/n restricted ________ and the absence of ______________ |
1 UNRESTRICTED, TEMP. RESTRICTED, PERM. RETRICTED "PUT"
2. PLEDGES AND SUPPORT 3. REVENUE AND PLEDGES 4. REVENUE AND VARIANCE POWER |
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NON-FOR -PROFIT B/S is called ____________
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Statements of Financial Position
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NON-FOR -PROFIT I/S is called ____________
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Stmts of Activities
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COMPONENTS of Statements of Financial Position are:
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ASSETS
LIAB. NET ASSETS ( equity) |
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Internal board designated funds are considered ___________
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UNrestricted
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key
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NON-FOR -PROFIT
"PUT" their assets in 3 categories |
PERMANENTLY restricted
UNrestricted TEMPORARILY restricted |
key
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Net assets that are NOT RESTRICTED BY DONORS OF GRANTORS are reported as ___________
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UNrestricted
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Pledges receivable are reported __________ uncollectible pledges.
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NET OF ESTIMATED
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HEALTH CARE ORG.
on the I/S if there is and item 1. NET ASSETS RELEASED FROM RESTRICTIONS - net impact on I/S ________ 2.NET ASSETS RELEASED FROM RESTRICTIONS used for operations -- net impact on I/S ________ |
1. 0
2. addition to revenue |
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Joint costs should be _________ b/n functions
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ALLOCATED
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NON-FOR -PROFIT I/S
SFAS req. that all Expenses are reported in the ________ category |
UNRESTRICTED
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Contributions of UNRESTRICTED revenue later earmarked (board designated) for Contruction or purchase of long-lived Assets are classified as
_________ on Stmnt of CF |
OPERATING
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KEY
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NON-FOR-PROFIT reporting
CF Stment has 3 classifications (same as FASB) |
OPERATING activities
FANANCING activities INVESTING activities |
key
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NON-FOR-PROFIT reporting
1OPERATING activities 2FANANCING activities 3INVESTING activities |
1 unrestricted resources, contributions, program income and interest/div income
2. borrowing and disbursment of RESTRICTED CONTRIBUTIONS ( purchase of long-lived assets) 3. proceeds from sale of art work, investment in equipment |
memorize
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NON-FOR-PROFIT reporting
Raising $$ though borrowing is _______ activity Using $$$ to purchase Fixed assets is _______ activity |
1. Financing
2. Investing |
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Unconditional pledges are __________ and may be either recognized as
restricted or unrestricted. Conditional pledges are still subject to ___________ and are __________ as Revenue, but rather as __________ |
ASSURED OF COLLECTIION
IMPORTANT CONTINGENCIES NOT RECORDED, but LIABILITY |
memorize
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DONATED SERVICES should be reported as __________ and expensed at __________ if the services meet creteria
_______ mnemonics |
CONTRIB. REV.
@ FV SOME |
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Contrib. of Services are recognized SOME of the time
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S pecialized skils are req.
O rg. needs this M easurable E asily @ FV |
MEMORY
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Expenses associated w/ finding Volunteers are clssified as
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FUND-RAISING EXP.
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KEY
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HEALTH CARE ORG.
Revenues are classified by sources as (3) |
PATIENT SERVICE REV
OTHER OPER. REV NON-OPER REV and G/L |
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PATIENT SERVICE REV
formula = |
Gross PATIENT SERVICE REV
<CHARITABLE SERV> <DEDUCTIONS> * _________________________ PATIENT SERVICE REV *DEDUCTIONS are adjustments and policy discounts |
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membership Development activities are SEPARATE from Fundraising activities when members receive ___________
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benefits
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When restrictions are met on Restricted assets, they are shown as ______________ on the STATEMENT OF ACTIVITY ( I/S)
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Net assets released from restrictions,
an increase in Unrestricted net assets |
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When $$$ are donated to NPO and the Principal of those funds cannot be EXPENDED ( used) those funds are _____________
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PERMANENTLY RESTRICTED
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