Answers
1. THE PROMISE IS RECEIVED
2. UNRESTRICTED NET ASSETS
3. DEPENDS ON DEMAND…
4. …LESS AN ALLOWANCE FOR UNCOLLECTIBLE
ACCOUNTS
5. …TEMPORARILY RESTRICTED ASSETS ARE
RECLASSIFIED AS UNRESTRICTED…
6. Dr. ASSET Cr. LIABILITY
7. BASIC INFO FOR THE ORG AS A WHOLE
8. FINANCING ACTIVITIES
(106,000)
9. EXCHANGE TRANSACTION
10. INCREASE IN OTHER OPERATING REVENUE 9 (OF
10,000)
11. NON OPERATING REVENUE (100,000)
12. …DONOR RESTRICTED FUNDS UPON RECEIPT
13. DISCLOSED IN NOTES
14. INV,50K ENDOWMENT FUND BALANCE, 70K
15. OTHER OPERATING REVENUE (1K)
16. ADDITIONS TO UNRESTRICTED FUNDS BALANCE
17. GENERAL FUND REVENUES, WHEN EXPENDED
18. Dr. CASH, Cr. FUNDS DEFERRED REVENUE
19. TEMPORARILY RESTRICTED REVENUE ON SA / SA
as TEMPORARILY RESTRICTED REVENUE
20. ANNUITY/LOAN NO/NO
Questions
Unconditional promises to give are
recognized when
 Net asset that are restricted by
the governing body
 Hazel Botanical Garden, quasi-
endowment should be included in
Not a characteristic of a conditional
promise
Unconditional promises to give that are
collectible w/in 1 yr
 ….met by incurrence of an
expense for the restricted
purpose
 Long-lived assets, depreciation is
recorded
Non government record receipts of
resources
FS for Not-for-profit focuses on
 …cash contributions that are
restricted for long-term purposes
are classified as
 As a result of cash receipts cash
flows would include an increase
of
…gives donor a shirt when they pay P15
UST Hospital, donation of medicine
should be recorded as
St. Lukes, East Avenue, unrestricted
bequest
Pure endowment grant
Donation being held by the bank called
as permanent trust should be
Endowment fund, debit to cash 120k
credits…
 San Antonio donation of medicine
 Revenue from parking lot
 Proceeds from sale of cafeteria
meals
 Grants specified by donor for
research
Equipment donated for use in a hospital
Earnings from endowment funds that
are restricted
Ateneo, Record the receipt of cash from
the interest on the trust fund
 Liway College, 25k contribution to
be used for faculty research
 Light Hope 500k contribution
 Save the Earth, contibutions used
to purchase new computers
Current funds group
21. INV. IN PLANT/UNEXPENDED YES/YES Plant funds group
22. CURRENT/PLANT YES/YES Funds usually encountered in private
university
23. LOAN/LIFE INCOME YES/YES Funds usually encountered in private
university
24. QUASI-ENDOWMENT FUNDS An alumnus donates, Dividends received
from the securities should be recognized
as revenue in
25. ENDOWMENT FUND Income generated may be expended by
current operating funds
26. COMPUTER Loan fund of college, except
27. INCREASE IN UNRESTRICTED NET ASSETS United, donation of computer
equipment
28. PART OF SUPPORTING SERVICES Royal Anchor, statement of operation
and changes in net assets
29.
30. 15K INCREASE IN TEMPORARILY RESTRICTED NET Tarsier Park, contributions restricted for
ASSETS research
31. I ONLY (UN RESTRICTED REVENUES)  Expenses should be deducted
(UN RESTRICTED) from
 For Ever Light, net assets w/c can
(TAMAYO&BONAFE) be expended
 Should be included in
unrestricted revenues, gains, and
others…
32. UNRESTRICTED, TEMPORARILY RESTRICTED, Lovers Library, BS should report
PERMANENTLY RESTRICTED separate peso amounts for net assets
according to these classifications
33. TERM / REGULAR TEMPORARILY RESTRICTED / Manila Museum, type of endowment
i. PERMANENTLY RESTRICTED
34. BOTH I AND II (SA and S OF EACH FLOWS) Tau Gama, should prepare BS and
35. EITHER I AND II (CONTRIBUTED SERVICES) Appari Broadcasting, conditions is/are
met
36. AS A LIABILITY Requed Family lost its home in a fire,
Mic Society purchased furniture for
them
37. AQUIRE OTHER ITEMS FOR COLLECTIONS Quezon Museum, need not to recognize
the contribution of artifacts if it is to be
sold and proceeds will be used to….
38. …INCREASE IN BOTH EXPENSES AND Geod, breakage and replacement of the
CONTRIBUTIONS window
39. …INCREASE IN UNRESTRICTED REVENUE AND Bar Heating Air Conditioning, repairs
INCREASE IN EXPENSES… were being donated without charge