Question

DeKalb Hospital, a large not-for-profit organization, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets.
For each of the six items presented, select the best match from the Match List.
Transactions
1. Received news that DeKalb’s board had designated $1,000,000 to purchase investments whose income will be used for capital improvements.
2. Received income from investments in item 1, which was not previously accrued.
3. Received benefactor-provided funds for building expansion.
4. Used the funds in item 3 to purchase a building in the fiscal period following the period in which they funds were received.
5. Received annual financial statements prepared by an accounting firm without charge.
6. Received investments subject to the donor’s requirement that investment income be used to pay for outpatient services.

Match List
A. Increase in unrestricted revenues, gains, and other support
B. Decrease in an expense
C. Increase in temporarily restricted net assets
D. Increase in permanently restricted net assets
E. No required reportable event



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  • CreatedMay 23, 2014
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