To see each answer, press or click on the blue "Unscramble" button. If you have difficulty answering the following questions, learn more about this topic by reading our Nonprofit Accounting (Explanation).
1. In place of an income statement, a not-for-profit organization, or nonprofit, will issue a statement of _____________.
ACTIVITIES ISIETVTICA2. The balance sheet of a nonprofit will likely have as part of its heading "statement of financial _______________".
POSITION IPIOOTSN3. Contributions received by a nonprofit are reported as part of the organization's ____________________.
REVENUES EVNUERES4. When an asset is released from a donor restriction, there will be an increase in net assets without donor _______________.
RESTRICTIONS ESTRRTCSINOI5. This type of supporting services expense must be reported separately by a nonprofit organization.
FUNDRAISING FGINIADSUNR6. These will cause a decrease in the amount of net assets without donor restrictions.
EXPENSES SEPNEXSE7. This expense is associated with long-lived assets used in the activities of a nonprofit.
DEPRECIATION NIETIRCDAOPE8. A ___________________ restricted designation was one of the classes of donor-imposed restrictions that will not be used on the financial statements beginning in 2018.
TEMPORARILY TEAYRMROIPL9. Beginning in 2018, a nonprofit must provide additional information regarding restrictions and the organization's ___________________.
LIQUIDITY YITIUDLIQ10. Designations made by a nonprofit's ________________ are reported as net assets without donor restrictions.
BOARD AORDB11. The statement of ______________ expenses reports expenses by both function and nature and is required for nonprofit entities.
FUNCTIONAL LTCNNAOFIU13. The nonprofit organization's statement of activities reports the change in its net __________ during a specified period of time.
ASSETS ESTASS14. A classification of supporting services expenses is _________________ and general.
MANAGEMENT EGNMAENMAT15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds.
WHOLE WLEOH16. Beginning in 2018, the classification, _________________ restricted net assets, will not be used and the amounts will be included in net assets with donor restrictions.
PERMANENTLY LPMNEATRNEY17. The IRS Form 990 must be filed by many nonprofit organizations which have been granted tax-_________ status.
EXEMPT ETXPEM18. The external financial statements of a U.S. nonprofit organization must comply with the reporting standards of the ________.
FASB ASBF19. If the nonprofit's statement of cash flows is prepared under the indirect method, the first amount listed is the ___________ in net assets.
CHANGE HGACNE20. A financial reporting year not ending on December 31 is referred to as a ___________ year.
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