A not-for-profit organization uses fund accounting.Which of the following transactions is likely to be accounted for in a Restricted Current Fund?
A) a donation of $10,000 that may be used for any purpose designated by the trustees
B) a donation of $50,000 that must be used to purchase a new building
C) a donation of $500,000 that must be kept intact in perpetuity
D) a grant of $30,000 that must be used to operate a day-care center for one year
Correct Answer:
Verified
Q32: A not-for-profit secondary school sends a 8-page
Q33: On March 1,2012,a not-for-profit organization received a
Q34: A not-for-profit university uses fund accounting.It maintains
Q35: A not-for-profit museum holds a valuable collection
Q36: A not-for-profit entity receives equipment having a
Q38: A not-for-profit entity that conducts numerous programs
Q39: A not-for-profit university uses fund accounting.The university's
Q40: A not-for-profit entity receives a donation of
Q41: Socialite Lisa King establishes a $4 million
Q42: Which of the following best describes standards
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