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Select the best answer.1. A term endowment is a g

Select the best answer.1. A term endowment is a gifta. The principal of which must be returned to the donor after a specified period of timeb. The principal of which is available for expenditure after a specified period of timec. The income from which must be expended within a specified period of timed. The income of which must be added to the principal for a specified period of time2. A not-for-profit organization maintains an endowment of $1 million, the income from which must be used for research into substance abuse. In a particular year, the endowment had income of $60,000, all of which was expended in accord with the donor’s specifications. The expense should be reported as a decrease ina. Permanently restricted net assetsb. Temporarily restricted net assetsc. Unrestricted net assetsd. Any of the above3. A private think tank receives a gift of $100,000 that must be used to fund a symposium on federal accounting. When the institution conducts the symposium, which of the following accounts should be debited in a temporarily restricted fund?a. Program expenseb. Deferred revenuec. Net assets released from restrictiond. Deferred program expense4. The statement of cash flows of a not-for-profit should be divided into which of the following categories of cash flows?a. Operating activities, noncapital financing activities, capital and related financing activities, investing activitiesb. Operating activities, capital activities, investing activitiesc. Operating activities, financing activities, capital activitiesd. Operating activities, financing activities, investing activities5. The Senior League, a not-for-profit welfare agency, redeemed a $100,000 bond that it had held as an investment of unrestricted resources. It also received an interest payment of $6,000. In its statement of cash flows, the league should report a. $106,000 as a cash flow from investing activitiesb. $106,000 as a cash flow from operating activitiesc. $100,000 as a cash flow from investing activities and $6,000 as a cash flow from financing activitiesd. $100,000 as a cash flow from investing activities and $6,000 as a cash flow from operating activities6. Enrex Corporation gave a not-for-profit research foundation $500,000 to conduct research relating to the development of a new type of battery. Per the terms of the gift, Enrex owned the rights to any patents issued as a consequence of the research, and controlled when and where the research results would be published. At the time of receipt of the $500,000, the foundation should recognizea. Revenue of $500,000 in a temporarily restricted fundb. Revenue of $500,000 in an unrestricted fundc. Deferred revenue of $500,000 in a temporarily restricted fundd. Deferred revenue of $500,000 in an unrestricted fund7. Harley Safe Place, a not-for-profit organization, received an unrestricted pledge of $600,000. The donor promised to make payment within six months (which would be in the organization’s next fiscal year).At the time of the pledge, the organization should recognizea. Revenue of $600,000 in a temporarily restricted fundb. Revenue of $600,000 in an unrestricted fundc. Deferred revenue of $600,000 in a temporarily restricted fundd. Deferred revenue of $600,000 in an unrestricted fund8. Walden Institute, a not-for-profit, politically oriented association, was promised a $1 million endowment on condition that it establish a program in entrepreneurial studies and hire a leading scholar to lead it. Upon receiving the pledge the institute should recognizea. Zero revenueb. Revenue of $1 million in a permanently restricted fundc. Revenue of $1 million in a temporarily restricted fundd. Deferred revenue of $1 million in a permanently restricted fund9. Emerson Museum received a cash gift of $7 million. The board of trustees decided that the gift should be used to establish a permanent endowment, the income from which would be used to provide research grants to Impressionist art historians. The museum should report the gift as an increase ina. Unrestricted resourcesb. Temporarily restricted resourcesc. Permanently restricted resourcesd. Board-restricted resources10. The Fellowship Church of America issues $10 million in bonds, the proceeds of which must be used to construct new facilities. Included in the bond indenture is aprovisionthatthechurchmustmaintain$400,000in a specially designated bank account to ensure timely payment of principal and interest. Upon receiving the $10 million in bond proceeds and placing the $400,000 in the designated bank account, the church should reporta. Cash of $9.6 million in an unrestricted fund and $400,000 in a temporarily restricted fundb. Cash of $10 million in an unrestricted fundc. Cash of $10 million in a temporarily restricted fundd. Cash of $9.6 million in a temporarily restricted fund and $400,000 in a permanently restricted fund 11. All costs of activities that have a fund-raising component must be classified as fund-raising costs unless it can be demonstrated that they satisfy the criteria dealing with all of the following excepta. Purposeb. Audiencec. Contentd. Fiscal viability 12. In allocating joint costs between fund-raising and other activities, a not-for-profit could use all of the following methods excepta. Physical unitsb. Relative direct costc. Straight-lined. Stand-alone costsView Solution: Select the best answer 1 A term endowment is a

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