[nbad311]

The following question tarnished my perfect 20-question Gleim quiz score just now because I answered incorrectly, as you can see.

https://img.photobucket.com/albums/v175/nbad311/NFPq_zps97d4c7df.jpg

The correct answer (Yes – Yes) explanation says:

“Contributions received by not-for-profit entities must be reported as restricted support or unrestricted support. Contributions with donor-imposed restrictions are reported as restricted support. Restricted support increases permanently restricted net assets or temporarily restricted net assets. Contributions without donor-imposed restrictions are reported as unrestricted support. “

When I think of classifications, I think: 1. Unrestricted, 2. Temporarily restricted, 3. Permanently restricted

There is no “Restricted” …. right??? There is no column on the statement of activities that simply is labeled “restricted” – it’s either temp or perm. That is why I picked Yes-No. Am I looking way too FAR (haha) into this question? My logic was based on the fact that this is exactly how they’d probably trick you on a FAR question.

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[kevlee]

they can give you a perpetuity to be permanently restricted and the interest the perpetuity gains can be unrestricted. does that make sense?

[kevlee]

they can give you a perpetuity to be permanently restricted and the interest the perpetuity gains can be unrestricted. does that make sense?

[nbad311]

Yeah but wouldn't you still have to classify that as “PERMANENTLY restricted” and not just “restricted”?

I understand the concept, just confused as to how they are labeling it with the wording.

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[nbad311]

Yeah but wouldn't you still have to classify that as “PERMANENTLY restricted” and not just “restricted”?

I understand the concept, just confused as to how they are labeling it with the wording.

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[Jennifer Wade]

Instead of having 3 columns labeled “unrestrictive support” “temporary restrictive support” and “permanent restrictive support” temporary and permanent are lumped together in one “restrictive” category, since they are both a type of restriction.

For this question I think you are looking for the specifics when its asking for a general viewpoint.

FAR - 73, rematch in early April
AUD - 5/14
REG - 8/14
BEC - 11/14

[Jennifer Wade]

Instead of having 3 columns labeled “unrestrictive support” “temporary restrictive support” and “permanent restrictive support” temporary and permanent are lumped together in one “restrictive” category, since they are both a type of restriction.

For this question I think you are looking for the specifics when its asking for a general viewpoint.

FAR - 73, rematch in early April
AUD - 5/14
REG - 8/14
BEC - 11/14

[Jennifer241]

When a contribution comes in that has a “restriction”. There are 2 types of restrictions it is classified as, either temporary restricted, or permanently restricted.

So the classifications are both unrestricted and restricted.

AUD - Jan 9,13 Pass
REG - Aug 30,13 Pass
BEC - Oct 26,13 Pass
FAR - Dec 4,13 Pass

Licensed CPA in the state of Oregon

[Jennifer241]

When a contribution comes in that has a “restriction”. There are 2 types of restrictions it is classified as, either temporary restricted, or permanently restricted.

So the classifications are both unrestricted and restricted.

AUD - Jan 9,13 Pass
REG - Aug 30,13 Pass
BEC - Oct 26,13 Pass
FAR - Dec 4,13 Pass

Licensed CPA in the state of Oregon

[nbad311]

I submitted it to Gleim as a question I didn't like and thought was poorly asked anyway! 😀

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[nbad311]

I submitted it to Gleim as a question I didn't like and thought was poorly asked anyway! 😀

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[Jennifer241]

I don't think it is a poorly worded question at all.

When contributions come in they can be classified on the income statement into 2 categories – Unrestricted Support and Restricted Support.

Then, if it is restricted, it can be further categorized as either a temporarily restricted resource or a permanently restricted resource.

AUD - Jan 9,13 Pass
REG - Aug 30,13 Pass
BEC - Oct 26,13 Pass
FAR - Dec 4,13 Pass

Licensed CPA in the state of Oregon

[Jennifer241]

I don't think it is a poorly worded question at all.

When contributions come in they can be classified on the income statement into 2 categories – Unrestricted Support and Restricted Support.

Then, if it is restricted, it can be further categorized as either a temporarily restricted resource or a permanently restricted resource.

AUD - Jan 9,13 Pass
REG - Aug 30,13 Pass
BEC - Oct 26,13 Pass
FAR - Dec 4,13 Pass

Licensed CPA in the state of Oregon

[UCMCPA]

It's not a poorly worded question.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

It's not a poorly worded question.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Author]

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