31.FASB requires multiyear pledges to be recorded at the present value of the future collections.
32.Cash flows must be presented separately in the Statement of Cash Flows for the three classes (unrestricted, temporarily restricted, and permanently restricted).
33.Expenditures, encumbrances, and budgetary accounts are used by private not-for-profit organizations.
34.A not-for-profit organization receiving donated fixed assets must record those assets as temporarily restricted.
35.Private not-for-profit organizations record depreciation expense.
36.Contributions to be paid in future periods should be recorded at present value.
37.A conditional pledge should be recognized as revenue when the pledge is made.
38.A Statement of Functional Expensespresents a matrix of expenses classified by function and by object or natural classification.
39.All donated services are recognized as revenue.
40.Donated services should be considered revenue if the service creates or enhances a nonfinancial asset and requires a specialized skill which would have had to be purchased if not donated.