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 $20,000 transfer would be reported by the fund that made the transfer as a (an)
A) Transfer-out.
B) Expenditure.
C) Deduction from net position-benefits.
D) Expense.

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 $20,000 transfer would be reported by the fund that made the transfer as a (an)
A) Transfer-out.
B) Expenditure.
C) Deduction from net position-benefits.
D) Expense.

Quizplus · Accepted Answer

The Answer of 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 $20,000 transfer would be reported by the fund that made the transfer as a (an)
A) Transfer-out.
B) Expenditure.
C) Deduction from net position-benefits.
D) Expense.

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