For each of the NFP organization transactions listed, indicate which of the revenue or contribution classifications apply
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For each of the NFP organization transactions listed, indicate which of the revenue or contribution classifications apply by choosing one or more of the letters from the listed items in the right-hand column. Choose all that apply.
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Transaction 1. A museum gift shop sold prints of famous paintings. 2. At the end of the year, a donor agreed to contribute $400,000 to a local artists' fund if the museum raised a matching amount in the first quarter of the upcoming year. 3. A registered nurse volunteered 10 hours a week to a local agency for disabled persons. 4. A donor contributed $1 million to a hospital for a new clinic. 5. An art association hosted its annual art exhibition for the association's major contributors. 6. A donor contributed securities valued at $10 million to be perma- nently invested. Earnings thereon are stipulated by the donor to be used for eye research. -7. A local computer store donated computers for children's use at a hands-on children's museum. 8. A local PTA received cash con- tributions of $2,000 to be used for its operating activities. Revenue and Contribution Classifications a. Revenue b. Contributions-Without Donor Restrictions c. Contributions With Donor Restrictions d. None of the above
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Related Book For
Accounting For Governmental And Nonprofit Entities
ISBN: 9781260118858
19th Edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely
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