Voluntary health and welfare organizations (VHWO) measure contributions at fair value unless

c. fair value cannot be reasonably determined.

a. fair value is less than the original cost of the item.

b. the contributed item is not intended to be re-sold by the VHWO.

d. the contributions are not in cash or cash equivalents.

Which of the following must approve a Chapter 11 plan?

D) The bankruptcy court and the creditors

A) The organization's management and the assigned trustee

B) The assigned trustee and creditors

C) The assigned trustee and entity's stockholders

Voluntary health and welfare organizations must report expenses classified by

b. function and natural classification.

c. restriction and natural classification.

d. restriction, function and natural classification.

Voluntary health and welfare organizations

d. are supported by, and provide voluntary services to, the public.

a. may not have paid executives or staff.

b. are governed by separate GASB statements.

c. use fund accounting, following the rules for proprietary fund reporting.

In a nongovernmental, nonprofit hospital, contractual adjustments are

b. discounts arranged with third-party payors.

a. the discounted rate given to hospital employees.

c. recorded as a deduction from revenue or as an expense.

d. additional amounts paid by select group participants

Which of the following is not true?

c. A not-for-profit entity may possess ownership interests like a corporation.

a. A not-for-profit entity operates for purposes other than to provide goods or services at a profit.

b. A not-for-profit entity may be governmental or non-governmental.

d. A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.

An alumnus made a donation of adjoining land to a not-for-profit, nongovernmental university. The donor made no specifications regarding the time period or use of the land. The university would record the gift as

b. temporarily restricted revenue.

d. permanently restricted support

What is an advantage of filing a Chapter 11 petition?

D) The opportunity to cancel unfavorable contracts

A) The continuation of interest accrual on liabilities

B) Restrictions imposed by the bankruptcy court on day-to-day transactions

C) It is less costly than filing Chapter 7.

Under GAAP, for nonprofit, nongovernmental entities, an unconditional transfer of cash or other assets to an entity, or a settlement or cancellation of its liabilities in a voluntary, non-reciprocal transfer, is called a(n)

a. unconditional promise to give.

c. conditional promise to give.

In a nonprofit, nongovernmental hospital, courtesy allowances are

d. revenues earned even if the standard charge is above or below the allowance

For a Voluntary Health and Welfare Organization, what entry is prepared when the restriction on a cash donation is met?

d. Debit Temporarily Restricted Net Assets - Reclassifications out, Credit Unrestricted Net Assets - Reclassifications in

a. Debit Unrestricted Net Assets, Credit Restricted Net Assets

b. Debit Unrestricted Fund Balance, Credit Restricted Fund Balance

c. Debit Restricted Fund Balance, Credit Unrestricted Fund Balance

Not-for-profit, private colleges classify student unions, dining halls, and residence halls as

a. educational and general services.

In 20X1, Ellen College, a private not-for-profit institution, received a $100,000 grant for faculty research. The grant money was not spent until 20X2. For 20X1, Ellen College should report the contribution as:

a. Temporarily restricted asset.

d. Other non-operating revenue.

A donor gives a Voluntary Health and Welfare Organization (VHWO) $1,000 cash that is restricted for a research project. What account does the VHWO credit when the VHWO receives the money?

d. Temporarily Restricted Support

b. Permanently Restricted Revenue

A private, not-for-profit hospital received a cash contribution of $100,000 from Samantha Hicks on November 14, 20X8. Ms. Hicks specified the money be used to acquire equipment. On December 31, 20X8, the hospital had not expended any of Ms. Hicks' contribution. On the statement of changes in net assets for the year ended December 31, 20X8, the hospital should report the contribution as a $100,000 increase in

a. temporarily restricted net assets.

When the bankruptcy court grants an order for relief under Chapter 7,

A) creditors may not seek payment for their claims directly from the debtor corporation.

B) the reorganization plan was accepted by creditors having at least one-half of the total number of claims and the claims represent at least two-thirds of the total amount owed.

C) the bankruptcy court confirms that the reorganization plan is fair and equitable to creditors.

D) the court discharges the debtor except for those claims provided for in the reorganization plan.

Which of the following statements is correct concerning companies emerging from reorganization under Chapter 11 when they do not qualify for fresh start accounting? The forgiveness of debt is reported as

D) an increase in contributed capital.

On January 1, 2011, a Voluntary Health and Welfare Organization (VHWO) receives an unconditional promise to give $6,000. The money is not collectible until 2012. The VHWO estimates that 10% of pledges are uncollectible. On January 1, 2011, the VHWO will credit

c. Allowance for Uncollectible Contributions $600, Temporarily Restricted Support - Contribution, $5,400.

a. Unrestricted Support - Contribution, $6,000.

b. Allowance for Uncollectible Contributions $600, and Unrestricted Support - Contribution, $5,400.

d. Allowance for Uncollectible Contributions $600, Contribution Revenue $5,400.

A donor agrees to contribute $5,000 per year at the end of each of the next five years to a voluntary health and welfare organization. The donor did not place any use restrictions on the amount pledged. The stream of the payments is discounted at 6 percent. The first payment of $5,000 is received at the end of the first year. The present value factor for a five-payment annuity due on June 30, 20X9, at 6 percent is 4.2124. Based on the preceding information, the journal entry to recognize present value at the time the pledge is received includes:

c. a debit to Pledges Receivable—Temporarily Restricted for $21,062.

a. a credit to Pledges Receivable—Temporarily Restricted for $25,000.

b. a debit to Contributions—Temporarily Restricted for $21,062.

d. a credit to Contributions—Temporarily Restricted for $25,000.

A voluntary health and welfare organization received unrestricted cash donations of $20,000 from donors who attended a dinner held for the benefit of the organization. The costs of the dinner, including room rental, and other expenses, amounted to $7,000. On the statement of activities prepared for the voluntary health and welfare organization, the expenses of the dinner should be:

c. reported as fund raising costs.

a. reported as management and general expenses.

b. netted against the $20,000 of contribution revenue.

d. reported as programmatic expenses.

A private, not-for-profit geographic society received cash contributions which were restricted by the donors for the acquisition of fixed assets. In which section of the statement of cash flows would these cash contributions be reported?

d. Capital and related financing activities

A petition commencing a case against a corporate debtor

C) can be filed under either Chapter 7 or Chapter 11 of the bankruptcy act.

A) can be filed only under Chapter 7 of the bankruptcy act.

B) can be filed only under Chapter 11 of the bankruptcy act.

D) will be determined by the trustee whether it shall be Chapter 7 or Chapter 11 of the bankruptcy act.

Chapter 7 bankruptcy cases differ from Chapter 11 bankruptcy cases because Chapter 7 bankruptcy

D) leads to full liquidation of the bankrupt company.

B) requires a reorganization plan that is approved by the court.

C) requires the debtor corporation to file a list of creditors, schedule of assets and liabilities, and work with a trustee.

A gift-in-kind, for which the not-for-profit entity has no discretion on disposition, should be accounted for by the not-for-profit, nongovernmental entity as

a. a special purpose contribution.

d. a conditional promise to give.

Which of the following does not occur for a trustee in a Chapter 7 bankruptcy case?

D) An income statement is prepared showing gains and losses on sale of assets.

A) Gains and losses on the sale of assets are debited to the estate equity account.

B) Unrecorded liabilities discovered by the trustee are debited to the estate equity account and credited to the liability account.

C) Liquidation expenses are debited to the estate equity account.

Which one of the following statements is not required for voluntary health and welfare organizations?

d. A statement of changes in net assets

a. A statement of financial position

c. A statement of functional expenses

An alumnus of a nonprofit, nongovernmental university establishes an endowment of $50,000. When the university receives the endowment from the donor, what account will the university credit?

c. Permanently restricted revenues

a. Temporarily restricted revenues

b. Temporarily restricted support

d. Permanently restricted support

When a corporation's total liabilities are greater than the fair value of total assets, the firm is

D) insolvent in the bankruptcy sense.

C) insolvent in the equity sense.

On June 30, 20X9, a voluntary health and welfare organization received pledges from donors amounting to $50,000. The donors did not place any time or use restrictions on the amount pledged. It was estimated that 10 percent of the pledges would not be collected. How should the voluntary health and welfare organization report these pledges on its financial statements prepared at the end of its fiscal year, June 30, 20X9?

b. As contribution revenue-unrestricted for $45,000.

a. As fund balance for $45,000.

c. As contribution revenue-unrestricted for $50,000.

d. As fund balance-unrestricted for $50,000.

For nonprofit, nongovernmental organizations, unconditional promises to give that include promises of payments due in future periods (next year or later) are reported as

c. deferred revenues until payment is received.

A primary difference between voluntary and involuntary bankruptcy petitions is that

A) creditors file the petition in an involuntary filing.

B) trustees are not used in an voluntary filing.

C) voluntary petitions are not subject to review by the bankruptcy court.

D) the debtor corporation files the petition in an involuntary filing.

PG UJ3 ADV2

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Education

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c. Unrestricted: Expenses; Restricted: Revenue

d. Unrestricted: Revenues and Expenses; Restricted: -

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A nongovernmental, not-for-profit entity is subject to:I. GASBII. FASB

The duties of a debtor in possession in a Chapter 11 bankruptcy case do not include

Investment income for not-for-profit entities may include: I. interest from debt investments. II. dividends from equity investments. III. changes in the fair values of both debt and equity investments.

Gray College, a private not-for-profit institution, received a contribution of $100,000 for faculty research. The donation was received in 20X1 and $80,000 was spent in 20X1. As a result of these transactions, Gray College should report on its 20X1 statement of activities a:

A not-for-profit organization received a donation temporarily restricted as to use. The donated amount was later spent in accordance with the restriction. In which category(ies) of net assets should the related revenues and expenses be recognized?

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Voluntary health and welfare organizations (VHWO) measure contributions at fair value unless

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A nongovernmental, not-for-profit entity is subject to:
I. GASB
II. FASB