Question

Indicate with choices (a) through (f) how the following events are recorded in a private university:
a. Credit Contributions —Unrestricted
b. Credit Contributions —Temporarily Restricted
c. Credit Contributions —Permanently Restricted
d. Credit Refundable Deposits
e. Credit Fund Balance
f. No entry
1. Receipt of an unconditional cash contribution. __________________
2. Receipt of cash to be used for a specific purpose. __________________
3. Receipt of an unconditional promise to give. __________________
4. Receipt of an unconditional promise to give over a 5-year period. __________________
5. Receipt of investments that are to be used to set up an endowment with earnings available for operations. __________________
6. Receipt of a fixed asset with donor-specified use for an outreach program.
7. Receipt of a conditional promise to give.
8. Receipt of a fixed asset with no donor restriction.
9. Receipt of free accounting services.
10. Receipt of time of volunteers who helped with fund-raising mailings.
11. Receipt of a cash contribution to be used next year for general operations at the discretion of management.
12. Receipt of a cash contribution to be used next year for a research project.
13. Receipt of cash as part of a government grant funding a cancer research project. A report with research results will be prepared for the government funding agency.
14. Receipt of a cash contribution to be used for acquisition of fixed assets.
15. Receipt of a permanent collection of geography maps that will be displayed to the public.


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  • CreatedApril 13, 2015
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