A local citizen gives a not-for-profit entity a cash donation that is restricted for research activities. The
Question:
A local citizen gives a not-for-profit entity a cash donation that is restricted for research activities. The money should be recorded in
a. Unrestricted Net Assets.
b. Temporarily Restricted Net Assets.
c. Permanently Restricted Net Assets.
d. Deferred Revenue.
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The correct answer is b Temporarily Restricted Net Assets When a local citizen gives a notforprofit ...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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