A local town received a donation of $300,000 . The donor stipulated that the money be permanently invested with the investment proceeds being used to provide funding for the town's recreation programs
Which of the following best describes the reporting options for this transaction?
a. The town should record the $300,000 as an other financing source in the General Fund.
b. The town should record the $300,000 as an other financing source in a Permanent Fund.
c. The town should record the $300,000 as a revenue in a Permanent Fund.
d. The town should record the $300,000 as an extraordinary item in the General Fund.
e. The town should record the $300,000 as a Capital Contribution in a Permanent Fund.
C
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In Georgia, the Georgia Time-Share Act requires developers of timeshare projects make disclosures to prospective buyers including the buyer's right to rescind the contract within sever days. This information would be contained in the:
A. Purchase and sale agreement. B. Public offering statement. C. Seller's property disclosure statement. D. Warranty deed.
Planned and unplanned change may happen either gradually or rapidly, leading to a dramatic impact on the organization
a. true b. false