34. National Service Center is a voluntary welfare organization funded by contri

Question

34. National Service Center is a voluntary welfare organization funded by contributions S800,000 were received, from the general public. During 2010 unrestricted pledges of t It was estimated that 10% of these pledges would be uncollectible. How much should National report as net contribution revenue for 2010 with respect to the pledges? A) $800,000 B) so C) $360,000 D) $720,000 of which were payable in 2010 with the other half payable in 2011 for use in 2011 35. Which one of the following statements is not required for NNOs? A) statement of changes in net assets B) statement of cash flows C) statement of financial position D) statement of activities 36·Bell Foundation, a voluntary health and welfare organization, supported by contributions from the general public, included the following costs in its statement of functional expenses for the year ended December 31, 2011. Fund raising Administrative Research $1,000,000 600,000 200,000 Bell's functional expenses for 2011 program services included A) $1,000,000. B) $200,000. C) $1,800,000. D) S600,000.

Explanation / Answer

34.

Option d is correct=$720,000

Explanation:

Net contribution revenue for 2010 with respect to pledges:

=$800,000-(10%×800,000)

=$720,000

35. Option a is correct

Statement of changes in net assets

36. Option b is correct=$200,000

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