A contribution made in 1999 to a voluntary health and welfare organization, which is restricted to usage to celebrate the millennium in the year 2000, is recorded as a credit to:

Question

Quizplus · Accepted Answer

The contribution in 1999, which is restricted to usage to celebrate the millennium in the year 2000 falls under temporarily restricted revenue. This is because the restriction on the contribution is for a specific time period and purpose, and the organization can use it only for that purpose. Therefore, the credit for the contribution should be recorded in the revenue--temporarily restricted category.

A Contribution Made in 1999 to a Voluntary Health and Welfare