The Professional Accountants Group is a private, not-for-profit organization that has 1,000 members. Each member pays $400 per year for their membership and receives benefits with a fair value of $120 as benefits of membership. How should the Professional Accountants Group report the revenue received from its members?

Homer Company made a gift of $50,000 to a national art museum with the specification that the gift be conveyed to a local art festival. The museum does not have the power to change the beneficiary and Homer did not retain the right to revoke the gift or change the beneficiary. How should the museum report the receipt this gift?

On December 1, Year 1, the Gregory Corporation makes a donation of $100,000 to the Family Services Foundation, a private not-for-profit organization. Gregory requests that Family Services give the money to The Soup Kitchen, another not-for-profit organization, but allows Family Services to give the money to another organization if it seems more appropriate. On December 23, Year 1, Family Services gives the money to The Soup Kitchen. When will each organization recognize the gift as contributed support?

ABC, a nongovernmental non for profit organization, is preparing its year end financial statement. Which of the following statements is required?

ABC, a community foundation, incurred management and general expenses during year 1. In ABC's statement of activity for the year end, the management and general expenses should be reported as:

Of the following, which would be included as a part of total net assets in the statement of financial position for a nongovernmental non for profit entity?

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?

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 private, not-for-profit university receives a donation of a building in the beginning of Year 1 with a fair value of $1 million. The university plans to use the building as an office for student organizations, although the donor has not placed any restrictions on its use. The university's policy is to depreciate buildings via the straight line method over a 40 year life with no anticipated residual value. The university does not have a policy to place an assumed time restriction on these donations. Which of the following is true about this gift in Year 1?

A statement of financial position for a nongovernmental non for profit organization reports amounts for which of the following classes of net assets?