Questions from Advanced Accounting

Q: Which of these forms must most tax-exempt organizations file annually

Which of these forms must most tax-exempt organizations file annually with the Internal Revenue Service? a. 990 b. 1203 c. 501 d. 501(c)(3)

Q: Belwood University is a private not-for-profit school that

Belwood University is a private not-for-profit school that has tax-exempt status. Which of the following is most likely to be the type of tax-exempt status that Belwood holds? a. 501(c)(3) b. 501(c)(4...

Q: A group of high school seniors performs volunteer services for patients at

A group of high school seniors performs volunteer services for patients at a nearby nursing home. The nursing home would not otherwise provide these services, such as wheeling patients in the park and...

Q: A voluntary health and welfare entity receives a gift of new furniture

A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity rec...

Q: A private not-for-profit health care entity has the

A private not-for-profit health care entity has the following account balances: Revenue from newsstand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000 Amounts charged to patient...

Q: Prior to filing a voluntary Chapter 7 bankruptcy petition, Haynes Company

Prior to filing a voluntary Chapter 7 bankruptcy petition, Haynes Company pays a supplier $13,000 to satisfy an unsecured claim. Haynes was insolvent at the time. Subsequently, the trustee appointed t...

Q: A large private not-for-profit entity’s statement of activities

A large private not-for-profit entity’s statement of activities should report the net change for net assets that are __Unrestricted _________Permanently Restricted a. Yes ……………………………………………………………………. Y...

Q: Which of the following statements is true? I. Private

Which of the following statements is true? I. Private not-for-profit universities must report depreciation expense. II. Public universities must report depreciation expense. a. Neither I nor II is tru...

Q: A private not-for-profit entity receives three large cash

A private not-for-profit entity receives three large cash donations: One gift of $70,000 is unrestricted. One gift of $90,000 is restricted to pay the salary of the organization’s workers. One gift of...

Q: Under what circumstances is a company exempt from filing a registration statement

Under what circumstances is a company exempt from filing a registration statement with the SEC prior to the issuance of securities?