Multiple Choice
Computer equipment used in the business office of a not-for-profit organization was sold for $9,000. The original cost of the equipment had been $21,000 and there was $15,000 of accumulated depreciation as of the date of sale. How will the gain be reported?
A) Gains are not recognized in not-for-profit organizations.
B) Gain of $3,000 in changes in net assets without donor restrictions.
C) Gain of $3,000 in changes in net assets with donor restrictions.
D) Net assets released from restrictions of $3,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: <span class="ql-formula" data-value="\underline{\text{ Transactions: }}"><span class="katex"><span
Q3: Investment earnings of $1,250 were earned on
Q4: Fund raising expenses are reported as<br>A) Nonoperating
Q5: Special fund-raising events of a nongovernment, not-for-profit
Q6: Nongovernment not-for-profit organizations recognize revenues when<br>A) Pledges
Q7: The line item, net assets released from
Q8: A nongovernment not-for-profit organization received a cash
Q9: A not-for-profit organization receives donated supplies valued
Q10: A nongovernment not-for-profit organization received a cash
Q11: A nongovernment, not-for-profit organization provides the