A donor contributed $1,000,000 to a not-for-profit hospital with the restriction that the funds be invested indefinitely and the income be used for cancer research.Which of the following would be true?
A) The gift would be recorded as an increase in permanently restricted net assets.
B) The income from the endowment would be recorded as an increase in unrestricted net assets.
C) Both of the above.
D) Neither of the above.
Correct Answer:
Verified
Q62: The difference between the financial statements of
Q70: Which of the following is true regarding
Q72: The AICPA Health Care Guide provides reporting
Q75: Which of the following is false regarding
Q76: The equity section of the Statement of
Q77: Which of the following is true regarding
Q78: A donor pledged $500,000 to a not-for-profit
Q79: A hospital reported the following uncollectible amounts:
$20,000
Q97: Private health care organizations follow _ standards
Q99: The difference between accounting for private not-for-profit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents