accounting crosswords

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Nonprofit (Not-for-Profit) Accounting

Unlike for-profit businesses, not-for-profit or nonprofit organizations do not have owners. Nonprofits have as their primary mission to fill a need in society rather than to earn profits for owners. As a result of these differences, nonprofits issue a statement of activities instead of an income statement.

Nonprofits issue a balance sheet, but it is usually referred to as the statement of financial position. The third section of this statement-which is the difference between the amount of assets and liabilities-has the heading of net assets instead of stockholders' equity.

Since donors may stipulate some restrictions on their contributions, the financial statements issued by nonprofits must report separately the unrestricted, temporarily restricted, and permanently restricted contributions and net assets.

Nonprofits are required to report their expenses by function. This means that expenses are reported according to the programs provided and by supporting services such as fundraising, and management and general.

As with for-profit businesses, the financial statements issued by nonprofits are to include a statement of cash flows as well as notes to the financial statements.

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Sample Nonprofit Accounting Questions

1)  Accounting years not ending on December 31 are known as _________ years.

2)  Net asset classifications are based on ___________-imposed restrictions.

3)  Gifts other than cash are referred to as gifts in _________.

4)  When a temporary restriction has been satisfied, this classification of net assets will increase.

5)  The statement of _______________ expenses reports amounts 1) by nature, and 2) by program or supporting services.

6)  The first amount on a nonprofit's statement of cash flows prepared under the indirect method is the "Change in net ___________.

7)  A nonprofit organization will issue the statement of activities instead of the ____________ statement issued by a business.

8)  Form 990 pertains to many organizations which are _________ from income tax.

9)  Gifts other than cash are to be recorded at their _________ value on the date of the gift.

10)  Reporting expenses according to their type (such as salaries, rent, supplies, depreciation, etc.) is known as the ________________ basis.

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