Voluntary health and welfare organizations (VHWO) are required to present which of the following financial statements?

1. 		Statement of financial position.
   		Statement of cash flows.
   		Statement of functional expenses.
   		All of the above are required.

A public college or university will report monies received from a new library construction fund drive as an increase in:

		Unrestricted net assets.
		Permanently restricted net assets.
		Temporarily restricted net assets.
		Restricted net assets.

For a private nonprofit organization, when is a donor’s conditional promise to give considered to be contribution revenue which should be recorded?

		When the condition is partially met.
		When the possibility that the condition will not be met is remote.
		When the conditional promise is made.
		When cash or other assets are received.

Answer rating: 100% (QA)

1Financial Statements to be presented by VHWO a Statement of financial position It means a Balance s... View the full answer