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
d
?
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Given a "break in service" you may
A) lose vested benefits. B) lose nonvested benefits. C) lose both vested and nonvested benefits. D) not lose either vested or nonvested benefits.
A financial statement is a(n) ________
A) set of ratios which depict relationships between a firm's financial items B) estimate of a firm's future income and expenses C) hybrid statement of cash flows D) itemized forecast of a company's income, expenses, and capital needs E) written report that quantitatively describes a firm's financial health