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1. List the 2 types of Not-for-Profit Entities and give an example of each. 2....

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Accounting

1. List the 2 types of Not-for-Profit Entities and give an example of each.

2. Which type is the focus of the CPA Exam?

3. Who prescribes the accounting rules for Nongovernmental Not-for-Profits and VHWOs?

4. Which basis of accounting is used by nongovernmental not-for-profits and VHWOs?

5. Is Fund Accounting used by nongovernmental not-for-profits and VWHOs? If so, when is it appropriate to report on a fund basis?

6. What three categories of net assets are reported by nongovernmental not-for-profits and VHWOs?

7. Which user group imposes restrictions on resources?

8. GASB 35 applies to which nonprofits? List one of its requirements.

9. Nongovernmental Not-for-Profits and VHWOs report Expenses by function. List the two Functions presented.

10. Why is the aforementioned Expense classification required?

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