Funds received by a private college from donors who have stipulated that the principal is nonexpendable but the income generated may be expended for current operating needs would be accounted for asa. contributions—permanently restricted.b. contributions—temporarily restricted.c. contributions—unrestricted.d. fund balance increases.
Funds received by a private college from donors who have stipulated that the principal is nonexpendable but the income generated may be expended for current operating needs would be accounted for asa. contributions—permanently restricted.b. contributions—temporarily restricted.c. contributions—unrestricted.d. fund balance increases.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Funds received by a private college from donors who have stipulated that the principal is nonexpendable but the income generated may be expended for current operating needs would be accounted for as
a. contributions—permanently restricted.
b. contributions—temporarily restricted.
c. contributions—unrestricted.
d. fund balance increases.
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