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A nonprofit benefited from voluntary services of two attorneys.  One served as a member of the Society’s board of directors, performing tasks comparable to other directors.  During the year, he attended 20 hours of meetings.  The other drew up a lease agreement with a tenant in a building owned by the nonprofit.  She spent five hours on the project.  The billing rate of both attorneys is $200 per hour.  In the year in which the services were provided, the nonprofit should recognize revenues from contributed services of

Crimson nonprofit received a $50,000 gift that the donor specified was to be used for food for the needy.  In the year Crimson spends the gift on food for the needy, what should be debited?

Under modified accrual, revenues cannot be recognized until they

Match the following departments of activities on the left to the type of fund that most likely would be used for each department on the right. 

Sue, a certified public accountant, donated 60 hours of her time to the Homeless Center, a nonprofit.  She spent 20 hours auditing their books and 40 hours serving food to the needy.  She normally earns $200 an hour as a CPA, and the Homeless Center normally pays $10 per hour to students when it cannot find volunteers.  How much should the Homeless Center report as contribution revenue for her services?

What is the “owners’ equity” section of the balance sheet for an enterprise fund called?

Which of the following does NOT occur with fiduciary fund?

What are the total expenses with donor restrictions?

What is the change in net assets with donor restrictions?

The charity bought $75,000 of coats and distributed them to the children.