Nonprofit Accounting Knowledge Quiz

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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