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ACC 410Week 9 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-9-Quiz-Strayer-287.htm Chapter 12 Not-for-Profit Organizations TRUE/FALSE (CHAPTER 12) 1. The FASB has standard-setting jurisdictionover all private not-for-profits and all government-owned not-for-profits. 2. Private not-for-profit accounting is closerto business than to government accounting. 3. FASB Statement No. 117 directs thatrevenues and expenses be reported in a statement of financial position. 4. In the statement of activities, FASBStatement No. 117 requires revenues to be reported as increases in one of thethree categories of net assets, depending on donor-imposed restrictions;however, all expenses should be reported as decreases in unrestricted netassets. 5. Restricted contributions may be reported asunrestricted if the restriction has been met in the same period as thecontribution is made. pacity���;Ι
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Visit www.hwgala.com
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ACC 410Week 9 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-9-Quiz-Strayer-287.htm Chapter 12 Not-for-Profit Organizations TRUE/FALSE (CHAPTER 12) 1. The FASB has standard-setting jurisdictionover all private not-for-profits and all government-owned not-for-profits. 2. Private not-for-profit accounting is closerto business than to government accounting. 3. FASB Statement No. 117 directs thatrevenues and expenses be reported in a statement of financial position. 4. In the statement of activities, FASBStatement No. 117 requires revenues to be reported as increases in one of thethree categories of net assets, depending on donor-imposed restrictions;however, all expenses should be reported as decreases in unrestricted netassets. 5. Restricted contributions may be reported asunrestricted if the restriction has been met in the same period as thecontribution is made. pacity���;Ι
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Visit www.hwgala.com
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ACC 410Week 9 Quiz – Strayer Click on the Link Below toPurchase A+ Graded Course Material http://www.hwgala.com/ACC-410-Week-9-Quiz-Strayer-287.htm Chapter 12 Not-for-Profit Organizations TRUE/FALSE (CHAPTER 12) 1. The FASB has standard-setting jurisdictionover all private not-for-profits and all government-owned not-for-profits. 2. Private not-for-profit accounting is closerto business than to government accounting. 3. FASB Statement No. 117 directs thatrevenues and expenses be reported in a statement of financial position. 4. In the statement of activities, FASBStatement No. 117 requires revenues to be reported as increases in one of thethree categories of net assets, depending on donor-imposed restrictions;however, all expenses should be reported as decreases in unrestricted netassets. 5. Restricted contributions may be reported asunrestricted if the restriction has been met in the same period as thecontribution is made.
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