Chapter 12 Review Questions

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SOLUTIONS TO REVIEW QUESTIONS 1. NFPOs provide goods and/or services to society without the expectation of profit, while profit-oriented organizations provide goods and/or services with the expectation of earning a profit. Many resources are provided to NFPOs without any expectation of remuneration or repayment, including volunteer services and gifts in cash or in kind. Providers of resources to a profit-oriented organization expect to receive remuneration and/or the eventual repayment of the resources supplied. NFPOs have no defined ownership, whereas profit-oriented organizations do. People who govern NFPOs generally receive no remuneration, while the directors of profit-oriented organizations usually do. 2. The revenue is called contribution revenue and the characteristic that makes it unique is that the NFPO receives resources and the contributor receives no product or services in return (i.e., it is a nonreciprocal transfer). The contributor may receive a donation receipt, which may be of some value to the contributor. 3. Unrestricted contributions are those that can be used to carry out any and all of the activities of the organization, while restricted contributions can only be used to carry out certain activities or to purchase certain goods that have been specified by the donor of the contributions. 4. Fund accounting provides for self-balancing groups of accounts comprising assets, liabilities, revenues, and expenses as “self-contained” elements within the accounting system of an NFPO. These accounts are used to keep track of the various activities of the NFPO, as well as contributions that have restrictions as to how they may be spent. 5. A NFPO may hold inventories whose future economic benefits or service potential are not directly related to their ability to generate net cash flows. These types of…...

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