1. Which of the following conditions must be met before revenue is recognized? a) goods and/or services must be delivered to the customer b) the amount to be collected must be objectively measurable c) the customer must be happy with the service d) there can be no possibility that the customer will not pay the bill 2. Which of the following statements about depreciation are correct? a) depreciation represents the amount of cash that organization paid out this year to use its long-lived assets. b) depreciation expenses perfectly reflect the amount of long-lived assets that were used by an organization c) depreciation represents the allocation of the cost of a capital asset over its life based on a specific method of accounting (straight line, accelerated etc) 3. Non-profit organizations must segregate assets that are subject restrictions imposed by a) management b) board of trustees c) customers d) donors
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