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ACC 410 FINAL PART 2

ACC 410 FINAL PART 2

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Author: Christine Farr
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The County Commission appoints a voting majority of the members of the Board of a particular organization.  The County Commission cannot impose its will upon the organization.  There is no potential for the organization to provide any financial benefit to the County nor is there is any potential for the organization to impose any financial burden on the county.  The organization is an example of a:

The County created a legally separate County Hospital authority.   Members of the board of the County Hospital are elected in county-wide elections.  The hospital receives no financial support from the County, except that the County pays the hospital bills for county indigents.  All revenues of the Hospital are user fees.  The County Hospital would be considered a

The City created a legally separate entity to operate a County Hospital.  The City Council appoints a voting majority of the board of the Hospital.  The City cannot impose its will on the Hospital and there is no potential for a financial benefit or financial burden to the City.  The County Hospital would be a

The City created a legally separate Port Authority.  Members of the board of the Port Authority are elected in general city elections.  The Port Authority receives no tax dollars; it is supported entirely by user fees.  The Port Authority determines its budget, sets user fees, and has the power to issue bonded debt.  In what manner would the Port Authority be included in the City’s Basic Financial Statements?

With regard to combining statements, which of the following statements is true?

The National Association for the Preservation of Wildlife received $10,000 from a benefactor to support the overall objective of the organization.  This amount will be recognized as revenue

A not-for-profit Art Museum that has elected not to capitalize its art collection receives a donation of a rare piece of Tlinket Indian art.  The donor paid $8,000 for the piece several years ago.  Today the piece has an estimated fair value of $50,000.  What entry should the Art Museum make upon receipt of this donation?

The basis of accounting used by not-for-profit organizations in their external financial reports is

Not-for-profit organizations should report interest and dividends earned and restricted for long-term purposes in which of the following categories?

Grace Church, a nondenominational not-for-profit entity, operates a school in connection with the Church.  This year members of the Church decided to construct a new wing on the school with six classrooms.  The Church hired an architect and a construction supervisor.  The bulk of the labor for construction was donated by Church members who were willing workers but not necessarily skilled carpenters.  Materials for the construction cost $300,000 and the paid labor was $100,000.  The fair value of the completed building is $1 million.  When the building is completed what should be the balance in the asset account ‘Building’ and the account ‘Contributed Revenue.’

Intermountain Hospital, a not-for-profit health care provider, issued $70 million in term bonds to finance construction of a new wing at its main hospital.  Terms of the bond issue require that $5 million of the proceeds of the bond issue be invested in U.S. government securities.  The $5 million must be held until maturity of the bonds.  The $5 million will increase which class of net assets?

Kale Hospital, a not-for-profit entity, received a pledge from a donor in support of a fund raising effort by the Hospital to finance construction of a new facility for cancer treatment.  The donor promised to pay $1 million in equal annual installments of $100,000 over the next 10 years.  The present value of the gift at the risk-free interest rate is $736,000. The amount of restricted revenue that should be recognized by Kale in the year of the gift is

During the current year, Jones University received a $50,000 gift from an alumnae who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries.  During the year the university spent $8,000 to support travel to a health care conference in Italy.  The $8,000 disbursement will cause a NET decrease in which class of net assets?

An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements.  The issue is not specifically addressed by FASB Statements.   To what standards would the accountant now look for guidance?



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