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Flashcards: Statement of Activities

Healthy Families is a private, not-for-profit organization. In Year 2, Healthy Families receives a check for $30,000 to be used to help low-income families in the area access medical care. In Year 3, the money is paid to a local doctor who provided medical care for several families that could not afford the treatment themselves. What will Health Families report in unrestricted net assets in Year 3?

Both an increase and decrease of $30,000

A decrease of $30,000

Nothing

An increase of $30,000

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Flashcards: Statement of Activities

Your answer:

A decrease of $30,000

Your answer:

Nothing

Your answer:

An increase of $30,000

Correct answer:

Both an increase and decrease of $30,000

Explanation:

The receipt of the check will increase unrestricted net assets by $30K and the payment to the doctor would use and therefore decrease unrestricted net assets.

Flashcards: Statement of Activities

A private, not-profit organization receives a cash gift of $2 million in Year 1. The donor of the funds specified that the money should be invested, with all earnings on the investment being used to pay the salaries of a team of social workers. In the first year, $100,000 was earned on the investment but it was not spent as specified until Year 2. How will this be reported in the statement of activities and changes in net assets in Year 2?

A revenue reduction for $100,000 is reported under restricted net assets

An expense for $100,000 is reported under unrestricted net assets

A reclassification is done to decrease restricted net assets by $100,000 and increase unrestricted net assets by $100,000; an expense is also reported under restricted net assets for the same amount

A reclassification is due to increase revenue by $100,000 and decrease restricted net assets by $100,000; an expense is also reported under restricted net assets for the same amount

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Flashcards: Statement of Activities

Your answer:

A revenue reduction for $100,000 is reported under restricted net assets

Your answer:

An expense for $100,000 is reported under unrestricted net assets

Your answer:

A reclassification is due to increase revenue by $100,000 and decrease restricted net assets by $100,000; an expense is also reported under restricted net assets for the same amount

Correct answer:

A reclassification is done to decrease restricted net assets by $100,000 and increase unrestricted net assets by $100,000; an expense is also reported under restricted net assets for the same amount

Explanation:

When the $100K is earned, it is originally recorded as a restricted asset because it is restricted in its use. In Year 2, when the organization is ready to spend the earnings for their intended purposes, it reclasses the $100K to unrestricted assets before using the funds. The organization will record salaries expense for the social workers as well.

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Flashcards: Statement of Activities

Flashcards: Statement of Activities

Flashcards: Statement of Activities

Flashcards: Statement of Activities

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All CPA Financial Accounting and Reporting (FAR) Resources

Flashcards: Statement of Activities

Flashcards: Statement of Activities

Flashcards: Statement of Activities

Flashcards: Statement of Activities

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

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