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11/3/2025
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Course 171009- Financial Essentials for NonProfit Managers
  Final Exam
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171009v - Financial Essentials for NonProfit Managers

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Accounting
14 CPE Credit Hours
11/3/2025
Final Exam
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Read 'Chapter 1: What Every Nonprofit Manager Should Know About Accounting and Finance' & answer the following question(s):
1. “Different costs for different purposes” is a central idea of management accounting and financial management, which allows for flexibility in meeting internal user needs. T F
2. Funding options available to nonprofit organizations include pooled bond issue and private bond offerings. T F
3. All of the following statements are correct EXCEPT
4. Sunk costs cannot be relevant to
5. Fixed costs that are never relevant to decisions include
Read 'Chapter 2: Accounting Basics for Nonprofits' & answer the following question(s):
6. Expenses must be reported in which class of net assets?
7. Restricted grants should initially be recorded as
8. Contractual obligations are called
9. Nonprofits can recognize unconditional pledges as assets when made even though the actual cash is still not received. T F
10. Most larger NPOs use which basis of accounting?
11. Revenue must be spent consistent with regulations, limitations, or restrictions. T F
12. A statement of cash flows is to be presented in general-purpose external financial statements by which of the following?
13. According to SFAS 116, Accounting for Contributions Received and Contributions Made, what classification(s), if any, should be used by not-for-profit organizations to report receipts of contributions?
14. Which of the following nongovernmental not-for-profit organizations must report information about expenses by natural classification?
Read 'Chapter 3: Cost-Volume-Revenue Analysis: Are We Breaking Even?' & answer the following question(s):
15. Revenue minus variable costs is called
16. Cost-volume-revenue (CVR) is used to analyze
17. Some nonprofit entities may have only fixed source of revenue, typically a government budget appropriation. In this case, the break-even formula becomes
Read 'Chapter 4: Financial Analysis and Metrics: Avoiding Bankruptcy' & answer the following question(s):
18. The average accounting age of equipment may be computed as
19. Measures of performance (or metrics) for a college include number of courses and ratio of faculty to students. T F
20. In analyzing the Statement of Activities for NPOs, determine:
Read 'Chapter 5: Forecasting: Revenues, Costs, and Cash Flows' & answer the following question(s):
21. Cash flow forecasting can serve a number of goals, including
22. The table t value, based on a degree of freedom and a level of significance, is used
23. In exponential smoothing, the optimal smoothing constant a may be picked by minimizing the
24. Multiple regressions involve
25. Which one of the following is a qualitative forecasting technique?
26. The equation(s) required for applying the least-squares method could be expressed as
Read 'Chapter 6: The Budgeting Process: Device for Planning and Control' & answer the following question(s):
27. A childcare center can care for 50 children. The expected number of students is 70%. The center operates 48 weeks a year. It is open 40 hours a week. The hourly rate is $5. The budgeted gross revenue is
28. The journal entry for a purchase order is to
29. Which type of budget relates the inputs of resources to the output of services?
30. The line item budget lists the sources of revenue and categories of expenses (object accounts). T F
31. Which type of budget starts fresh each year and all activities (new and old) must be justified?
32. Which budget lists and describes planned capital acquisitions and improvements?
Read 'Chapter 7: Zero-Base Budgeting and Program Budgeting' & answer the following question(s):
33. Zero base budgeting requires managers to justify each budget line item. T F
34. ZBB is a continual process. Each manager must justify his budget request in detail from a zero base. T F
35. Programs may be considered either direct or support. T F
36. Under program budgeting, a project should be broken down by major activity or task, and then further segregated into subactivities. T F
Read 'Chapter 8: Cost Behavior, Cost Control, and Flexible Budgeting' & answer the following question(s):
37. Determine the material quantity variance using actual production of 100 units of output, 3 pieces allowed per unit, actual price of $2 per piece, and standard price of $3 per piece. Assume the company used 240 pieces of material.
38. The cost-volume formula would be expressed as
39. An understanding of cost behavior is helpful
40. Marie Welfare Agency incurred a total cost of $8,600 to provide 40 units of service. Each unit of service required 5 direct labor hours to complete. What are the total fixed costs if the variable cost was $15 per direct labor-hour?
41. Unfavorable labor efficiency variances may be explained by poor supervision, poor quality workers, poor quality of materials requiring more labor time, and employee unrest. T F
Read 'Chapter 9: Enhancing Managerial and Department Performance' & answer the following question(s):
42. The contribution approach is one method under which center concept?
43. Output indicators or control surrogates of welfare and rehabilitation agencies include
44. Responsibility centers of nonprofit organizations can be viewed as either mission centers or service centers. T F
45. Allocated general fixed costs
Read 'Chapter 10: Obtaining Funds: Short-Term and Long-Term Financing' & answer the following question(s):
46. The opportunity cost associated with failing to pay a vendor on terms of 2/10, net/30 is
47. An NPO has received donations in 20X5 of $250,000 and in 20X4 of $280,000. The estimated amount of donation for 20X6 based on a simple average is.
48. A telephone bill is an example of a
49. An NPO borrows $500,000 for one year at a 10% interest rate. There is a 5% compensating balance. The interest and compensating balance are deducted at the time of the loan to arrive at the loan proceeds. The effective interest rate is
Read 'Chapter 11: Managing Working Capital and Investing Surplus Funds' & answer the following question(s):
50. Short-term notes issued by the U.S government are called
51. Factors to be considered in investment decisions for nonprofit financial managers are
52. Financial securities cover a broad range of investment instruments, excluding
53. Which one of the following is a cash management model?
54. The agency should not take advantage of a cash dis­count offered for early payment because failing to do so results in a low opportunity cost. T F
55. With leveraged derivatives, when you win, you win big. But when you lose, you lose big. T F
Read 'Chapter 12: Cost Management and Pricing Decisions' & answer the following question(s):
56. Allocating the service center costs to the mission centers may be accomplished by one of the following procedures
57. Benefits from an ABC system are numerous from the standpoint of planning, control, and decision-making. They include
58. A proper cost driver for employee insurance would be
59. In an effort to enhance product or service costing accuracy, activity-based costing (ABC) uses a larger number of cost drivers than the one or two volume-based cost drivers typical in a conventional system. T F
60. Allocation of support department costs to the mission departments is necessary to
61. The step-down method of support department cost allocation often begins with allocation of the costs of the support department that
Read 'Chapter 13: Analysis for Short-Term and capital expenditure decisions and Financial Modeling' & answer the following question(s):
62. An initial investment of $20,000 generates annual benefits of $8,000. The payback period is
63. The make or buy decision must be investigated, along with the broader perspective of considering how best to utilize available facilities. The alternatives are
64. An agency can either purchase a mini-computer for $61,000 or lease it at an annual $13,000 payment and own it after five years. The anticipated discount rate will be 8 percent. The present value of $13,000 a year for five years at 8% is
65. Applications and uses of financial models include
66. In a make or buy decision
67. One of the popular financial modeling software used by hospitals is HOFPLAN. T F
68. The present worth of future sums of money is
69. A method of evaluating investment projects does not include
70. An annuity is a series of payments of a fixed amount for
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