Nonprofit Accounting Knowledge Quiz Page 1 of 3 Page1 / 4 25% of survey complete. Question Title * 1. Which accounts have a natural credit balance? (Select all that apply) Assets Liabilities Net Assets Revenue Expenses Question Title * 2. What is the purpose of a bank reconciliation? (Select all that apply) Tie the accounting system to the bank statement To confirm the bank statement balance equals the petty cash balance in the accounting system Verify that accounting records are correct and accurate Review items in the accounting system that don't clear the bank statement Question Title * 3. What is the purpose of Class Tracking? (Select all that apply) To show the breakout of functional expenses To show the "what for" or the "why" on the financials To show the period in which the transaction occurred To allow for tracking of different programmatic areas of the organization Question Title * 4. What are the 3 functional areas of a Nonprofit Organization? Overhead, Missions, & Development Program, Administration, & Fundraising Program, Overhead, & Rent/Utilities Development, Mission, & Values Question Title * 5. When reviewing the Statement of Financial Position, which account balance(s) should always show as a negative amount? (Select all that apply) Only Liabilities Any account on the Statement of Financial Position can be negative Accounts Receivable Accumulated Depreciation Question Title * 6. When should deferred revenue be recognized? When the service or event has been delivered/met When the cash payment is received When you want to The beginning of the next fiscal year Question Title * 7. Which of these can be a warning signal that there may be an Accrued Expenses error? (Select all that apply) Accrued balance zeroes out every month Negative accrued balances Accrued balance grows over time Stagnant accrued balance over time (same amount in the account) Question Title * 8. Select the item(s) that are acceptable to appear as an uncleared item on a completed bank reconciliation. (Select all that apply) EFT Payment dated mid-month A check payment 35 days old A deposit dated mid-month A check payment 55 days old Question Title * 9. Which of the following is an asset account? Accounts Payable Prepaid Insurance Deferred/Unearned Revenue Service Revenue Question Title * 10. What is the IRS deadline to file 1099-NECs? January 31st December 31st January 1st June 30th Next