1. Which is not a component of the financial statements of a nonprofit organization?
a. Statement of activities
c.
b. Statement of changes in fund balance
d.
Statement of cash flows
Statement of financial position
2. Which categories are used in the statement of financial position of a nonprofit organization?
a. Net assets, income and expenses
b. Income, expenses and unrestricted net assets
c. Assets, liabilities and net assets
d. Changes in unrestricted, temporarily restricted and permanently restricted net assets
3. The statement of financial position of a private nonprofit organization shall report net assets according to which of the following classifications?
a. Unrestricted and temporarily restricted
d. Unrestricted, temporarily restricted and permanently
b. Temporarily restricted and permanently restricted
restricted
c. Unrestricted and permanently restricted
4. Which of the following statements of a private nonprofit hospital report the changes in unrestricted, temporarily restricted and permanently
restricted net assets for a time period?
a. Statement of financial position
c. Statement of changes in net assets
b. Statement of operations
d. Statement of cash flows
5. A nonprofit private elementary school occupies its school building rent-free as permitted by the building owner. The existence of rent-free facilities
is recognized as
a. Financial aid expense and other operating support
d. An item requiring disclosure in the note to the financial
b. Rent expense and an increase in fund balance
statements
c. Rent expense and contributions revenue
6. For a private health organization, which is included in patient service revenue?
a. Contractual adjustment
b. Charity care
c.
d.
Restricted contribution
Unrestricted contribution
7. How is the charity care accounted for in the statements of nonprofit health care organization?
a. As patient service revenue
c. As a separate component of revenue
b. As bad debt expense
d. Not included in the financial statements
8. Which of the following private nonprofit entities is required to prepare a “statement of functional expenses” meaning by function and by natural
classification?
a. Hospital
c. Voluntary health and welfare organization
b. University
d. Performing arts organization
9. In the statement of activities for nonprofit organization, expenses should be deducted from
a. Unrestricted revenue
c. Permanently restricted revenue
b. Temporarily restricted revenue
d. Unrestricted net assets
10. An entity is a nongovernmental not-for-profit organization involved in research. The statement of functional expenses should classify which of
the following as support services?
a. Salaries of staff researchers involved in research
c. Costs of equipment involved in research
b. Salaries of fund-raisers for fund used in research
d. Costs of laboratory supplies used in research
11. For a private nonprofit organization, when is a donor’s conditional promise to give considered unconditional?
a. Only when the condition is substantially met
c. When the conditional promise is made
b. When the possibility that the condition will not be met is
d. When the cash or other asset promised is received
remote
12. The asset in a quasi-endowment fund should be included in which of the following classifications?
a. Temporarily restricted net assets
b. Unrestricted net assets
c. Permanently restricted net assets
d. Either temporarily or permanently restricted net assets depending upon the term of quasi-endowment
13. In the nonprofit university’s statement of cash flows for the current year, all of the following cash inflows shall be reported as operating activities,
except
a. From tuition fees
b. From a donor who stipulated that the money be invested indefinitely
c. From a donor who stipulated that the money be spent in accordance with the wishes of the university’s government board
d. From unrestricted cash contribution
14. All of the following are classified as financing activities of a nonprofit organization, except
a. Cash contribution to be permanently invested
b. Cash dividend and interest to be used for the acquisition of computer equipment.
c. Cash contribution restricted by donor for faculty development
d. Cash contribution from a donor who stipulated that the money be spent in accordance with the decision of the governing board
15. A nonprofit organization should report a contribution for the construction of a building as cash flows from which of the following?
a. Financing activities
c. Investing activities
b. Operating activities
d. Capital financing activities
16. Psalm Hospital, a private nonprofit hospital, earned P 500,000 revenues from its gift shop located at the lobby and spent P 100,000 on research
during the year ended December 31, 2016. The P 100,000 spent on research was part of a P 150,000 contribution received during December of 2014
from a donor who stipulated that the donation be used for medical research. None of the gift shop revenues were spent in 2016. What was the
increase in unrestricted net assets from the events that occurred during 2016?
17. AAA Hospital, a nonprofit hospital affiliated with a private university, reported the following:
Cash contributions received from donors for acquisition of computer equipment
300,000
Proceeds from sales of hospital gift shop and snack bar
150,000
Dividend income not restricted by donor
50,000
What amount should be reported as “other revenue and gains” in the statement of activities?
18. Rev University, a nonprofit university assessed its students P 600,000 for tuition and miscellaneous fees for the 2016 summer session. The net
amount realized was only P 580,000 because of the following reductions:
Tuition remissions granted to faculty member families
6,000
Class cancellation refunds
14,000
How much unrestricted current fund revenues from tuition and miscellaneous fees should Rev University report for the period?
19. The following expenditures were incurred by a nonprofit botanical society:
Printing of annual report
25,000
Unsolicited merchandise sent to encourage contributions
50,000
What amount should be classified as fund-raising costs in the society’s activity statement?
20. The following funds were among those held by URS at December 31, 2016
Principal Specified by the Donor as Non-expendable
Principal Expendable After the year 2016
Principal Designated from current funds
What amount should be classified as regular endowment funds?
1,250,000
750,000
250,000
21. In 2016, the board of trustees of TCMC Private University designated P 250,000 from its current funds for college scholarships. Also in 2016, the
university received bequest of P 500,000 from an estate of a benefactor who specified that the bequest was to be used for hiring teachers to tutor
handicapped students. None of the bequest has been spent. What amount should be accounted for as restricted net assets?
500,000
22. It refers to the financial plan of a government for a given period, usually for a fiscal year, which shows what its resources are, and how they will
be generated and used over the fiscal period.
a. Government budget
c. Government financial statements
b. Government financial position
d. Government financial performance
23. What is the title of the revised government accounting system for national government agencies which will be effective starting January 1, 2016?
a. Government Accounting Manual
c. National Government Accounting Manual
b. New Government Accounting System
d. Philippine Government Accounting System
24. It refers to the registry maintained by NGA unit to monitor the revenue and other receipts estimated/budgeted, collected and remitted/deposited.
a. Registry of Revenue and Other Receipts
c. Registry of Allotments, Obligations, and Disbursements
b. Registry of Appropriations and Allotments
d. Registry of Budget, Utilization and Disbursements
25. It refers to registry maintained by NGA unit to show the original, supplemental and final budget for the year and all allotments received charged
against the corresponding appropriations.
a. Registry of Revenue and Other Receipts
c. Registry of Allotments, Obligations, and Disbursements
b. Registry of Appropriations and Allotments
d. Registry of Budget, Utilization and Disbursements
26. It refers to registry maintained by NGA unit to show the allotments received for the year, obligations incurred against the corresponding allotment
and the actual disbursement made.
a. Registry of Revenue and Other Receipts
c. Registry of Allotments, Obligations, and Disbursements
b. Registry of Appropriations and Allotments
d. Registry of Budget, Utilization and Disbursements
27. It refers to registry maintained by NGA unit to record the approved special budget and the corresponding utilizations and disbursements charged
to retained income authorized under the law and other retained income collection of a national government agency with similar authority.
a. Registry of Revenue and Other Receipts
c. Registry of Allotments, Obligations, and Disbursements
b. Registry of Appropriations and Allotments
d. Registry of Budget, Utilization and Disbursements
28. On February 1, 2016, the DENR transferred P 450,000 fund to DPWH for the construction of DENR’s irrigation project. The P 450,000 fund was
then remitted by DPWH to Bureau of Treasury on May 1, 2016. The project was completed and turned over by DPWH to DENR on October 31, 2016.
What is the journal entry in DENR’s book to record the transfer of funds on February 1, 2016?
a. Dr. Due from DPWH P 450,000 and Cr. Cash, MDS, Regular P 450,000
b. Dr. Cash-Treasury/Agency Deposit/Trust P 450,000 and Cr. Cash-Collecting Officers P 450,000
c. Dr. Cash-Collecting Officers P 450,000 and Cr, Due to DENR P 450,000
d. Dr. Cash-Treasury/Agency Deposits/Trust P 450,000 and Cr. Cash-Collecting Officers P 450,000
29. Using the same data is number 28, what is the journal entry of DENR to record the turnover of the irrigation project to DENR on October 31, 2016?
a. Dr. Due to DENR P 450,000 and Cr. PPE Account P 450,000
b. Dr. PPE Account P 450,000 and Cr. Due from DPWH P 450,000
c. Dr. Due to DENR P 450,000 and Cr. Cash-Collecting Officer P 450,000
d. Dr. Cash-Collecting Officer P 450,000 and Cr. Due from DPWH P 450,000
30.It refers to the step in the government budgetary process which involves that implementation of the general appropriation act which includes the
release of revenue allotment under the supervision of Department of Budget and Management
a. Budget preparation
c. Budget execution
b. Budget legislation or Authorization
d. Budget accountability