Indicate Your Choice by Entering the Letter Corresponding to the Correct

question 21

Multiple Choice

Indicate your choice by entering the letter corresponding to the correct term. A term may be used more than once or not at all.
-"Basis of accounting for private NFPs" describes which term listed above?

• A)Fair value
• B)Net assets without donor restrictions
• C)GASB
• D)FASB
• E)Statement of Revenues,Expenditures,and Changes in Fund Balance
• F)Lower of cost or market
• G)Accrual method
• H)Statement of Activities
• I)General fund,restricted fund,endowment fund
• J)Modified accrual method
• K)Net assets with donor restrictions
• L)Endowment fund
• M)Unrestricted,temporarily restricted,permanently restricted
• N)Depreciation
• O)Works of art and other historical treasures
• P)General fund
• Q)Cost

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Definitions:

Accounting Period

A specific time period for which financial records and statements are prepared for a business or organization.

One Quarter

A term referring to one-fourth of a year, used in financial and business contexts to divide the fiscal or calendar year into four periods for reporting purposes.

One Year

A period consisting of 12 consecutive months.

Unearned Revenue

An accounting term referring to money received for a product or service yet to be delivered or performed.