Entity receives a gift of cash and investments, Accounting Basics

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Entity receives a gift of cash and investments

A governmental entity receives a gift of cash and investments with a fair value of $200,000. The donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. The $200,000 gift should be accounted for in which of the following funds?

a) General fund.

b) Private-purpose trust fund.

c) Agency fund.

d) Permanent fund.

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Accounting Basics: Entity receives a gift of cash and investments

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Accounting Basics: Entity receives a gift of cash and investments

Reference No:- TGS095340

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Find confidence interval-relevant parameter-time of survey

Q : How is asymmetrical key cryptography used

Q : Sepia colored eyes are due to a recessive allele

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Entity receives a gift of cash and investments

Reference No:- TGS095340

Recent Questions Asked Accounting Basics

Q : Find confidence interval-relevant parameter-time of survey

Q : How is asymmetrical key cryptography used

Q : Sepia colored eyes are due to a recessive allele

Q : Find the standard error of the estimate

Q : Entity receives a gift of cash and investments

Q : Prompt the user for 3 sentences of text

Q : What sample size necessary to estimate true proportion

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