Carl City received $200,000 to help maintain a local art museum that is owned and operated by a not-for-profit organization. During the year the city transferred net earnings of $20,000 to the appropriate entity/fund.
-The $200,000 gift would be reported in a (an):
A) Special revenue fund.
B) Private-purpose trust fund.
C) Agency fund.
D) Permanent fund.

Question

Carl City received $200,000 to help maintain a local art museum that is owned and operated by a not-for-profit organization. During the year the city transferred net earnings of $20,000 to the appropriate entity/fund. 
-The $200,000 gift would be reported in a (an):
A) Special revenue fund.
B) Private-purpose trust fund.
C) Agency fund.
D) Permanent fund.

Quizplus · Accepted Answer

The Answer is B

Carl City Received $200,000 to Help Maintain a Local Art