Identify the relevant FASB Codification topics (e.g., 958, 606, 842) that govern not

for

profit reporting and the situations in which industry

specific guidance overrides general GAAP.

Distinguish conditional from unconditional contributions and indicate the correct balance

sheet and revenue

recognition treatment for each funding type.

Recall the required presentation formats for the statement of activities, cash

flow statement, and statement of functional expenses, and recognize the misclassifications that most often appear in practice.

Select the proper classifications for cash equivalents, leases, board

designated versus donor

restricted net assets, and non

cash gifts, and estimate the internal

control actions needed to prevent related reporting deficiencies.