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A governmental entity receives a gift of cash and investments with a fair value of $200,000.

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1. A governmental entity receives a gift of cash and investments with a fair value of $200,000. The donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. The $200,000 gift should be accounted for in which of the following funds?;a) General fund.;b) Private-purpose trust fund.;c) Agency fund.;d) Permanent fund.

 

Paper#25487 | Written in 18-Jul-2015

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