Lesson: Non-for-profit: statement of financial position - Practice Questions

In this lesson, Nick Palazzolo, CPA, takes you deep into the world of non-profit accounting with a focus on the statement of financial position. Through a series of thought-provoking practice questions, he challenges you to classify accounts and understand the levels of restriction on net assets. He walks you through the process of elimination to find the correct classification by comparing examples and terminology that mirror those encountered in real-world non-profit scenarios. As Nick leads the session, he highlights common traps and misconceptions, reinforcing the correct use of terms such as "unrestricted," "temporarily restricted," and "permanently restricted" net assets. This engaging, quiz-style approach not only solidifies your understanding of these key concepts but also sharpens your skills for recognizing the right answers quickly and confidently.